The Hudson’s Bay Company Stripe blanket, which the company began with trading with Indigenous customers in 1779.
TORONTO – Hudson’s Bay Company ULC has entered into a definitive agreement to sell its intellectual property portfolio and brand assets, including its signature HBC Stripes motif.
The buyer is Canadian Tire Corp. The retail company, founded in 1922, operates in the automotive, hardware, sports, leisure and housewares sectors. Its banners include Canadian Tire, Mark’s, FGL Sports, PartSource and the Canadian operations of Party City.
The purchase price is $30 million (Canadian dollars). Separately, Canadian Tire has bid for a handful of lease locations.
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Hudson’s Bay, Canada’s oldest company, launched liquidation proceedings at its stores on March 24 after filing for creditor protection on March 7. When it filed for reorganization, the company’s debt included a total $950 million to nearly 2,000 secured and unsecured creditors.
“It’s disheartening to witness the final days of another great Canadian retailer, and while the circumstances are unfortunate, we’re proud to step in for customers,” said Greg Hicks, president and CEO, Canadian Tire. “This choice feels as strategic as it feels patriotic. It builds on our generational connection to life in Canada and it fits our new True North strategy.”
The Canadian Tire transaction does not include Hudson’s Bay art and artifacts, which are subject to a separate court-approved process.
“We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,” said Liz Rodbell, president and CEO, Hudson’s Bay. “I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.”