Hudson’s Bay to sell name, stripes, brands to Canadian Tire for $30 million
Hudson’s Bay to sell name, stripes, brands to Canadian Tire for $30 million
The deal would allow products to be sold by Canadian Tire, which also owns SportChek and Mark's, but it still needs court approval.
4,400 pieces of art and artifacts including the royal charter that birthed the company in 1670.
That shit should be going to a museum, not bid on the open market. I imagine the reciever has to put them up for sale as assets, but that's a travesty.
What's a tire company gonna do with a lake?
What do you think they do with the old tires when you get new ones on your car?
Canadian Tire???????
huh I would've never imagined CT to buy Hudsons Bay
For non-Canadians, my shock comes from the fact that:
- Canadian Tire (which is primarily known as the place where you get your tires changed and maybe buy home appliances) bought
- Hudsons Bay (which is primarily a retail clothing and beauty company).
It's like an ice cream company buying a travel agency; it's not impossible, it's just quite shocking if it happens.
Edit:
Oh wow I didn't realize that CT already owned companies such as SportChek and Marks🤔 TIL.Canadian Tire already owns SportChek and Mark's, they are already in the clothing space.
I also take issue with the description of Canadian Tire, they are a department store focusing on automotive, tools, home and garden, kitchen, and sporting goods.
Their businesses aren't that drastically different, and it sounds more like they want the brand for a smaller range of goods using HBC stripes.
And Atmosphere.
I'm just glad it's staying in Canada
I mean Canadian Tire is more of a general store. Hudson Bay started out as a general store and evolved to a more upper class department store. It's way classier or at least it is meant to be but I totally see the link between the two.
Also, Canadian Tire has more than just the Canadian Tire stores now, they own Mark's, Sports Chek, Helly Hansen, Sher-Wood and a couple of other sport related stores in Quebec primarily focused on Hockey, they've been slowly expanding for a couple of years.
Much like HBC, Canadian Tire has a lot of overpriced retail. They don't overlap much beyond kitchenware though.
I guess this gets Canadian Tire into the full department store business like Walmart, Target, or Sears. Now they just need to start selling groceries (again).
Canadian Tire also owns Helly Hansen, Paderno and many other brands.
I'm not too surprised, but I think CT needs to be careful with how many product categories they have. Earlier this year they sold off the Helly Hanson brand ($1.3bil), so they've got a hole in their portfolio to fill during the 4-year/$2bil restructuring.
- Canadian Tire (which is primarily known as the place where you get your tires changed and maybe buy home appliances) bought
At least the name and brand is back in Canadian hands again.
Love it. Glad to see the name staying around and glad to see it back in Canada.
Thank fuck they'll still have the stripes around.
Not to applaud corporations, but my biggest worry hearing about HBC shuttering was the point blankets. Those things are a cultural staple and afaik HBC was the only major place to get them.
This makes a whole lot of sense. They can easily keep a strong position in the retail market across a variety of lifestyles. It's a healthy portfolio and (as far as I know) is actually Canadian. Hopefully they change a few things though, The Bay went out of business for a reason.
The Bay went out of business for a reason.
The reason is that the private equity firm that bought them, sold the land that they owned to another private equity firm and then forced them to pay exorbitant rent on land that they had owned for literally hundred+ years.
That reason is Private Equity. PE kills everything it touches.