Several brands and the striped logo of the iconic Canadian department store group, which has filed for bankruptcy, are set to be saved from liquidation by fellow Canadian company Canadian Tire, owner of the hardware and household goods chain and other brands. The takeover deal still needs to be approved by the court.
Hudson’s Bay is not expected to end up in the dustbin of Canadian retail history…
Another jewel in the country’s heritage, retailer Canadian Tire, announced on Thursday, May 15, that it had reached an agreement to acquire the iconic brands and other intellectual property of the department store group, which was founded in 1670. This made it not only the oldest company in Canada, but also in North America.
Founded in 1922, Canadian Tire has the funds to buy back its elder: last February, it sold its Helly Hansen sportswear brand for $1.3 billion to the Kontoor Group, owner of Brands Wrangler, Lee, and Rock&Republic.
$30 million
The $30 million transaction involves the sale of various company names, logos, designs, coats of arms, and trademarks (including Gluckstein and Distinctly Home (household goods) and Hudson North (clothing)), as well as its historic multicolored striped pattern (green, red, yellow, and indigo), dating back to 1779.
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Read also > Canada: Hudson’s Bay retailer on the brink of liquidation
Featured photo: © Canadian Tire
