Shoppers who stocked up on Hudson’s Bay blankets or other goods adorned with the iconic retailer’s stripes, hoping they’d become collector’s items, may be in for disappointment. On Thursday, Canadian Tire announced it will pay $30 million to take over Hudson’s Bay’s intellectual property, including its famous four stripes motif, various company names, logos, and the retailer’s coat of arms symbol.
The deal still needs court approval.
In March, indebted Hudson’s Bay Co. was granted creditor protection and put it assets up for sale. The 355-year-old retailer plans to close its 80 Bay and 16 Saks-branded stores next month. Canadian Tire, which has more 1,700 retail locations across the country, was established in 1922.
“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, according to court documents.
Liquidation sales at all Hudson’s Bay’s stores are expected to wind up by June 1.
Hudson’s Bay liquidates final 6 stores, including Toronto flagship
