Canadian Tire is set to buy parts of Hudson's Bay, including the retailer's iconic Stripes.
This comes as Hudson's Bay stores are set to close across the country, so it's not the end of The Bay after all!
On May 15, it was announced that Canadian Tire has agreed to become the home of the Canadian brands and intellectual property of the Hudson's Bay Company.
This includes the iconic HBC Stripes along with 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," said Greg Hicks, president and CEO of the Canadian Tire Corporation.
"Some things are just meant to stay Canadian."
Canadian Tire is set to take over many of The Bay's leading brands.
That means you'll still be able to shop for Hudson's Bay products at Canadian Tire stores and online!
There hasn't been any mention of Zellers, a Hudson's Bay-owned brand that was revived a few years ago, but it could be included in the sale.
"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," Hicks said.
Hudson's Bay planned to close all but six stores in Canada following liquidation sales.
Then, it was announced that those six remaining locations would be liquidated and closed, including the flagship store on Yonge Street in Toronto.
"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 said.
"By Canadians' reaction to recent rumours of this news, it is clear they see us as a great home for HBC's heritage. We are proud to steward these iconic brands into our – and their – next century."
This agreement for Canadian Tire to purchase HBC's brands and intellectual property still needs to be approved by the court.
Canadian Tire said the transaction should go through this summer with a purchase price of $30 million.
Also, Canadian Tire has bid for leases on a few Hudson's Bay locations.
It's expected that liquidation sales at Hudson's Bay will end by June, and then stores will close.
However, if there is a successful bid, some stores could remain open.
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This article's cover image was used for illustrative purposes only.
