Canadian Tire has announced a $30 million acquisition of Hudson's Bay Co.'s intellectual property, including its well-known four stripes motif. This comes as Hudson's Bay prepares to close its remaining 96 stores after entering creditor protection. Canadian Tire's CEO expressed pride in bringing Hudson's Bay's iconic brands into their family, reflecting on the unfortunate end of a prominent Canadian retailer. The future of Hudson's Bay remains uncertain, with multiple bids on various store locations as liquidation sales are set to complete by June 1.
"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," said Greg Hicks, Canadian Tire CEO and president in a statement.
"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."
Although Hudson's Bay has become a symbol of Canada, the department store chain has been under American ownership since 2006. The future of the beleaguered retailer is not yet known; it has received 12 bids for 39 of its stores.
Liquidation sales at all Hudson's Bay's stores are expected to wind up by June 1.
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