Hudson's Bay Co. will continue in some capacity after selling its intellectual property, including its iconic stripes and company names, to Canadian Tire for $30 million. The distressed retailer will use these funds to settle part of its debts before fully shutting down. While Canadian Tire gains key assets such as customer data and trademarks, the deal excludes any of Hudson's Bay's workers or historical artifacts. This sale follows a creditor protection agreement, from which numerous bids were solicited for Hudson's Bay's remaining assets and leases.
Hudson's Bay Co. has sold its intellectual property, including its multicoloured stripes motif, to Canadian Tire for $30 million as part of a liquidation process.
The bankruptcy process has led to the closure of Hudson's Bay's remaining stores and the laying off of over 8,300 employees, marking the retailer's significant decline.
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