Canadian Tire is buying the Hudson's Bay Company 鈥� including the iconic stripes, coat of arms, logos and more 鈥� in a $30-million deal.
The Canadian Tire Corporation announced Thursday (May 15) that it entered an agreement to " become the home of iconic Canadian brands and other intellectual property of the Hudson's Bay Company." That includes the HBC Stripes and various company names, logos, designs, coat of arms and brand trademarks.
The agreement is still subject to court approval, and other terms and conditions, but the Canadian Tire Corporation expects the sale to close later in the summer.
The company has also separately bid for a handful of Hudson's Bay locations.
"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 鈥� including the iconic HBC coat of arms and the Stripes 鈥� into our Canadian Tire family," Canadian Tire president Greg Hicks said.
Hicks added the the choice "feels as strategic as it feels patriotic," and the stripes will "add beautifully" to the Canadian Tire brands and favourites.
"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. 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. We are proud to steward these iconic brands into our 鈥� and their 鈥� next century."
