Canadian Tire has announced it will acquire the Hudson’s Bay Company’s iconic brand elements in a $30 million purchase that company CEO and president Greg Hicks calls both strategic and patriotic.
The agreement gives Canadian Tire control of HBC’s brands and other intellectual property, including the HBC stripes design and various other company names, logos, designs, coats of arms and trademarks.
“Canadian Tire and the Hudson’s Bay Company are among the nation’s longest-standing companies, with a combined Canadian heritage measured in centuries,” Hicks said in a statement announcing the news on Thursday. “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.”
The agreement is subject to court approval and expected to close this summer, according to a Canadian Tire news release. The Bay brand and various other HBC logos and company trademarks are included in the sale.
Canadian Tire said it separately made bids for a number of HBC lease locations.
“This choice feels as strategic as it feels patriotic. It builds on our generational connection to life in Canada and it fits our new True North strategy,” Hicks said. “The stripes will add beautifully to our portfolio of owned brands alongside other Canadian favourites that we have fostered and grown, and The Bay and its brands have long been known for their strength in categories that our customers will seek in our stores and online.”
The HBC deal is the latest in a series of moves that have come as part of Canadian Tire’s True North strategy this spring.
In March, Canadian Tire announced a shakeup to its senior leadership team as part of the restructuring plan.
The retailer has since announced RBC and WestJet as new partners in its Triangle rewards program.
