Canadian Tire Corporation (CTC) appears to be making a business out of rescuing struggling Canadian retailers as the owner of the former Forzani/FGL Sports business and its corporate banners Sport Chek, Atmosphere, National Sports, Hockey Experts, and Nevada Bob’s Golf makes a play to rescue the iconic Hudson’s Bay Company brand from extinction.
While Dick’s Sporting Goods was making the big news of Thursday, May 15 that it was acquiring Foot Locker, Inc., CTC quietly announced that it had entered into a definitive agreement (Agreement) to become the home of iconic Canadian brands and other intellectual property of the Hudson’s Bay Company (HBC). This includes the HBC Stripes and various company names, logos, designs, coat of arms and brand trademarks.
“Canadian Tire and the Hudson’s Bay Company are among the nation’s longest-standing companies, with a combined Canadian heritage measured in centuries. Some things are just meant to stay Canadian and we are honoured to welcome many of HBC’s leading brands – including the iconic HBC coat of arms and the Stripes – into our Canadian Tire family,” offered Greg Hicks, president and CEO, Canadian Tire Corporation.
“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 Stripes will add beautifully to our portfolio of owned brands alongside other Canadian favourites that we have fostered and grown, and The Bay and its brands have long been known for their strength in categories that our customers will seek in our stores and online,” Hicks continued.
“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,” Hicks expressed.
“Ultimately, customers are at the core of all we do, and by Canadians’ reaction to recent rumours of this news, it is clear they see us as a great home for HBC’s heritage,” the CEO shared. “We are proud to steward these iconic brands into our – and their – next century.”
The company said the Agreement is subject to court approval and other customary terms and conditions, and CTC expects the transaction to close later this summer.
CTC will acquire HBC’s intellectual property portfolio, including brand labels and designs for the HBC Stripes, Hudson’s Bay Company, The Bay and various other HBC logos and company trademarks, for a purchase price of CN$30 million. Separately, CTC said it has bid for a handful of lease locations.
Image courtesy Hudson’s Bay Company
