Hudson’s Bay to sell its brands to Canadian Tire in $30M deal
Global News
The sale includes the overarching Hudson's Bay brand, its iconic, multicoloured stripes motif, its coat of arms and other brand trademarks.
Hudson’s Bay is getting a second life with a new owner — Canadian Tire Corp. Ltd.
Canadian Tire said Thursday that it will pay $30 million for intellectual property belonging to the retailer, which is Canada’s oldest company.
The sale includes the overarching Hudson’s Bay brand, its iconic, multicoloured stripes motif, its coat of arms and other brand trademarks.
The deal allows products under these names to be sold by Canadian Tire, which also owns SportChek, Party City, Mark’s and Pro Hockey Life, at their 1,700 stores.
The exchange includes houseware brands Gluckstein and Distinctly Home, as well as discount brand Zellers and apparel line Hudson North, said a source familiar with the deal, who is not being named because they were unauthorized to speak about it.
Canadian Tire CEO Greg Hicks said the fall of the Bay is “disheartening to witness” but the deal his company reached is meant to be both “strategic” and “patriotic.”
“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,” he said in a press release.
His sentiment was echoed by Liz Rodbell, CEO of Hudson’s Bay.
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