Hudson's Bay sells brand assets to Canadian Tire amid restructuring
Canadian retailer The Hudson's Bay Company has finalised an agreement to transfer its intellectual property rights to Canadian Tire for C$30m ($21m).
The transaction is a strategic move within a broader restructuring strategy under the Companies' Creditors Arrangement Act (CCAA).
The assets involved in this transaction encompass HBC Stripes and additional brand properties. The company's collection of art and artifacts, set for a separate process approved by the court, are excluded.
Completion is contingent upon judicial endorsement and other standard conditions, and is expected in the summer of 2025.
The company's ongoing processes for soliciting sales and investments and monetising leases will continue, with updates to be provided when relevant.
Hudson's Bay president and CEO Liz Rodbell stated: 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience. I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.'
This development follows a court-sanctioned sale and investment solicitation process initiated by the Ontario Superior Court of Justice.
The company invited proposals from potential bidders interested in its properties and business operations.
After reviewing final bids, the company's board of directors, with Reflect Advisors as financial advisor, key senior lenders and the court-appointed monitor, concluded that this transaction would serve the best interests of Hudson's Bay and its stakeholders.
Hudson's Bay Company had The company initiated the CCAA procedure in March 2025 due to the ongoing trade disputes with the US, economic turbulence and changes in consumer behaviour post-pandemic, announcing that it would begin liquidation sales at its remaining six Hudson's Bay stores and one Saks Fifth Avenue outlet from 25 April.
"Hudson's Bay sells brand assets to Canadian Tire amid restructuring" was originally created and published by Retail Insight Network, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
'Unprecedented pressure:' Businesses want infrastructure projects expedited, says KMPG survey
Businesses want all levels of government to 'quickly align' to expedite and streamline the review process for infrastructure projects, according to a survey by KPMG Canada. The survey itemizes what Canadian businesses say needs to be done as the federal and provincial governments work to finalize a list of large nation-building projects. These range from improving existing ports and transportation networks to building an energy-agnostic utility and digital infrastructure corridor. 'We're seeing unprecedented pressure on our infrastructure and construction industries to deliver projects quickly and urgently,' Zach Parston, KPMG Canada's partner and national leader for infrastructure, said in a press release. KPMG notes financing these projects will be key. Nine out of 10 business leaders said Canada will need to 'unlock' public-private investment in infrastructure to incentivize institutional investors and private capital to participate, the survey said. Ninety-two per cent of respondents said that investment in infrastructure improvements, such as transportation networks, ports, pipelines, etc., would help their company grow or expand their business nationally and overseas. 'Canada is already in a megaproject era that's about to intensify in a big way,' said Parston, adding productivity will need to increase exponentially. The survey said 90 per cent want Canada to invest in a policy and infrastructure agenda that will unlock the country's economic potential, including a national utility corridor and digital infrastructure. Meanwhile, 89 per cent said Canada's ports are 'woefully unproductive' and need major investments to make good on the promise of wider global trade. The same percentage also said that governments must collaborate and create pre-approved industrial zones across the country. They say this would cut red tape and speed up approval times to 'build refineries, mines or factories that would allow for expansion within Canada and open up access to coastal ports and put a stamp on Arctic sovereignty.' 'The success of these projects will hinge on how they are structured and financed,' said John Cho, KMPG's national private capital leader in Canada. 'If they can be structured in such a way to attract institutional investor and private capital ownership, it will allow the federal government to continue to invest in other areas critical for maintaining and improving the lives of Canadians.' KMPG Canada surveyed 250 business leaders in all industry sectors across Canada between May 9 and 20 using Methodify's online research platform. 87% of energy executives think it's time to build a west-to-east pipeline, KPMG survey says Rising interest rates pushing EVs out of reach for Canadians: KPMG poll Janet Rieksts Alderman, chair of KMPG Canada's board leadership centre, said megaprojects are notorious for running late and overbudget. 'The primary reason megaprojects fail is poorly designed governance,' she said. • Email: dpaglinawan@
Yahoo
23 minutes ago
- Yahoo
‘A team that I'm proud of': How Irving Oil's John Laidlaw built an East Coast legal legacy
by Jim Middlemiss John Laidlaw never imagined he would spend the twilight years of his career navigating Ireland's complex energy markets, but sometimes the best opportunities arrive when you least expect them. The 2025 recipient of the CGCA's BLG Stephen Sigurdson Lifetime Achievement Award made what he calls 'a leap of faith' in 2016, leaving a 32-year partnership at law firm Cox & Palmer in Saint John, N.B. to become chief legal officer at Canadian energy giant Irving Oil Ltd. 'I was at a point in my life where my youngest of four was wrapping up her undergrad degree, and we were empty nesters,' recalled Laidlaw, now in his 10th year at the Saint John-based energy company. 'You start to look around and say, 'Maybe I've gone as far as I'm going to go in private practice, and maybe I should think about what lies ahead.'' The conversation that changed his trajectory began innocently enough — a casual discussion with Irving Oil's then-president Ian Whitcomb about whether he would move in-house. For someone who had built his reputation as a corporate commercial lawyer handling everything from public-private partnerships to advising clients in aquaculture, fisheries and agriculture, a move to the oil and gas industry represented a dramatic pivot in the latter stages of his career. 'Those around me whose judgment I respected were all of the view that this was something I should really think about,' said Laidlaw. 'Irving Oil has a stellar reputation, and opportunities like that don't always come along when you're in your late 50s.' He admits it was a huge change, likening it to drinking from a firehose. Fortunately, he learned early in his career how to be a quick study. 'You never stop learning in any business, but particularly so being a corporate commercial lawyer. Whoever walks in the door, you've got to learn their business fairly quickly to be able to provide good, sensible and competent advice,' he said. The company supported him through the transition. 'They were very patient with me as I got up to speed. This is a very fascinating, complicated business, and one where you never stop learning.' The transition from external counsel to corporate insider proved transformative. Within months, Laidlaw found himself at the centre of Irving's historic expansion into Ireland, advising on the 2016 acquisition of that country's only oil refinery from Phillips 66. The Whitegate facility purchase was followed in 2019 by Irving's acquisition of the Tedcastle group, which operates under the Top Oil brand. 'The great thing about being here is you get to see things end to end,' Laidlaw said, contrasting his in-house role with private practice where deals concluded when documents were signed. Now, he says, 'when it's all said and done, you get to hang out at the party' after the deal and figure out how to 'integrate this and make it all work.' Irving Oil, founded in 1924 and still family-owned, operates Canada's largest refinery and has 900 fuelling stations spanning eastern Canada and New England. When Laidlaw arrived, Irving's legal department consisted of just his predecessor and one other lawyer. Today, he oversees eight legal professionals plus a 'very strong regulatory compliance team' — reflecting both the company's growth and the increasing complexity of energy sector regulations. 'I've built a team here that I'm proud of,' Laidlaw said, noting that four of his current team members followed him from Cox & Palmer. 'Many are lawyers and support staff who believed in what we were building here.' For Laidlaw, who was called to the New Brunswick bar in 1984 after earning his law degree from the University of New Brunswick, the most rewarding aspect of his career has been developing talent. During his Cox & Palmer years, he served as an instructor for the commercial law portion of the New Brunswick bar admission course for nearly 20 years and maintained an open-door policy for junior lawyers seeking guidance. He believes strongly in mentorship and coaching, because that's how he learned. 'I had some tremendous, mentors that cultivated me and brought me along,' he said. 'As you get a bit older, you realize the positive impact it had and so in my view, it's a duty or an obligation. I like to think the profession is pretty good at that, but it's something that everybody has to play a part.' Laidlaw's community involvement has also been extensive. He has served as chair of the Saint John area New Brunswick Provincial Mental Health Tribunal, the Centracare Foundation and the Horizon Health Network, one of the province's two health authorities. 'I was brought up in a household where you were expected to give back,' he explained. 'To whom much is given, much is expected.' At 67, Laidlaw shows no signs of slowing down. 'I'm obviously in the downward slope given my age, but I don't intend to leave Irving Oil anytime soon,' he said. 'I'm not sure I would ever fully stop doing something.' His advice to young lawyers reflects the humility that colleagues consistently note: be the first to arrive and last to leave, see everything as an opportunity, and remember that success often comes down to being in the right place at the right time — then having the courage to walk through the door when it opens. Irving Oil president steps down amid strategic review Arthur Irving out as chairman of Irving Oil For Laidlaw, that door opened nearly a decade ago in Saint John, leading to what he describes as some of the most fulfilling years of his legal career. 'It sort of reignited things for me at a point where I wasn't quite ready to wind down,' he said. 'This has been absolutely wonderful.' Sign in to access your portfolio
Politico
35 minutes ago
- Politico
Ottawa's AI guy
Presented by The Canadian Medical Association Send tips | Subscribe here | Email Canada Playbook | Follow Politico Canada Thanks for reading Canada Playbook. In today's edition: → EVAN SOLOMON maps out his plan for Canada's AI future. → Canada's top judge totally wasn't subtweeting the U.S. in his annual presser. → The auditor general dropped her semi-annual headaches on the Liberals. THE FIRST THING MR. AI — Canada's first AI minister, EVAN SOLOMON, has been dodging Hill journalists since he got a Cabinet gig — and he owns it. 'It is significantly harder to have answers than it is to ask questions,' the former journalist told a Canada 2020 crowd in Ottawa Tuesday. 'Even if you use AI, it turns out it's a little trickier.' (Solomon's chief of staff, ANSON DURAN, has also lightheartedly flicked at using AI in his own social media comms.) — Into the limelight: In his first high-profile speech since his swearing-in nearly a month ago, Solomon revealed the Liberal government's sweeping vision: ensure Canada doesn't get left behind in the global AI race. 'Essentially we are at a Gutenberg-like moment,' Solomon said. He pointed to four pillars under Prime Minister MARK CARNEY's AI industrial policy. → Scale: Fund and champion Canadian AI companies. → Adoption: Encourage businesses to adopt AI, including by offering them tax credits, in an effort to turbocharge productivity. → Trust: Bring in regulations to protect Canadians' privacy and data. → Sovereignty: Build data centers and invest in quantum computing for national defense and security. — But first, context: AI is more than just a tool that brings our ideas to life, Solomon told the crowd. It's not all about planning vacations, writing resumes or meal planning. AI has the ability to shape culture, economies and warfare. — China vs. the West: On Tuesday, DONALD TRUMP's AI czar DAVID SACKS said China is three to six months behind the U.S. in artificial intelligence. In January, the sudden emergence of the China-based DeepSeek AI model R1 led to U.S. stocks dropping significantly — and gave Western governments a new sense of urgency to act. — Competitive spirit: As competition heats up, Canada wants in. Solomon said Canada is a leader in AI research, but has 'become the farm team for bigger places to take our best researchers and commercialize it.' Canada also lacks digital infrastructure, forcing governments and companies to rely on data storage in other countries, binding them to foreign laws — and preventing them from retaining full sovereignty over the data. — It's the economy, stupid: AI is viewed by the Liberal government as a 'key to our economic destiny.' — Problem is: Just 11 percent of Canadian firms are planning to integrate AI into their operations, Solomon said, creating a large barrier for economic growth. — Simply put: Economies that master AI will grow. Those that don't will fall behind, which is 'an existential threat to our future,' Solomon said. 'Canada cannot be left behind. We need to marshal our resources and advance our position in this high-stakes digital arena. So we've got to act now.' — Team player: Solomon has been meeting with AI firms and leaders such as NextAI co-founder AJAY AGRAWAL. He's also working with Government Transformation Minister JOËL LIGHTBOUND to boost productivity; Industry Minister MÉLANIE JOLY to attract investment; and Defense Minister DAVID MCGUINTY to integrate AI and quantum computing. Want more POLITICO? Download our mobile app to save stories, get notifications on U.S.-Canada relations, and more. In iOS or Android . For your radar 'DEMOCRATIC SUPERPOWER' — A year ago, Supreme Court Chief Justice RICHARD WAGNER used his annual press conference to chide the Trudeau government for judicial vacancies. Tuesday's presser brought a different vibe. Wagner reported back on what he's heard during a year's worth of cross-Canada travel meant to build awareness of the country's highest court among Canadians of all stripes. — 2025's angst: 'Throughout the world, autocratic regimes are attacking the media, judicial powers and national institutions. Canadians are seeing this regression in democracy, and are wondering if that could happen here,' Wagner told reporters. — Hmm, what about?: The CBC's OLIVIA STEFANOVICH was first out of the gate to ask what the elephant in the room was pondering. Was any of that angst tied to U.S. President DONALD TRUMP's attacks on the American judiciary? — Nice try: 'I will not aim at a specific country,' Wagner replied. 'When you see governments attacking the media, attacking the judges, attacking the lawyers and universities, of course, that means that there's a good chance that you are in front of a dictatorship, autocratic government.' — Not here: 'While Canada is not a superpower in [the] traditional sense of the word, it is a democratic superpower. In this country, the rule of law is non-negotiable,' Wagner said. THE ROOMS THAT MATTER — It's caucus day on Parliament Hill. — Prime Minister MARK CARNEY will attend caucus and question period. — Carney will join Press Gallery journalists at a garden party outside Rideau Cottage. — At 6 p.m., Navigator hosts its annual summer kickoff party at the Métropolitain. — Alberta Premier DANIELLE SMITH will deliver a keynote address at the Global Energy Show in Calgary. ON THE HILL — Liberal MP CHRIS BITTLE was elected chair of the Procedure and House Affairs Committee. The vice chairs are Conservative MP MICHAEL COOPER and Bloc Québécois MP CHRISTINE NORMANDIN. — The House voted down a non-binding Conservative opposition motion meant to shame the government into presenting a 'fiscally responsible budget' before the Commons rises for the summer. New Democrats joined the Liberals in voting against the motion. For your radar CHECKING THE BOOKS — Auditor General KAREN HOGAN dropped her spring reports Tuesday — a semi-annual batch of nearly guaranteed headlines. Here were the headaches she gave the Liberal benches, in order of attention from major newsrooms: — Canada's incoming fleet of CF-35 fighter jets will be more expensive than anticipated, efforts to build infrastructure required to support the aircraft are years behind schedule, and the Royal Canadian Air Force still faces a stubborn shortage of fighter pilots. Headline: F-35 program facing skyrocketing costs, pilot shortage and infrastructure deficit — The AG flagged serious concerns with contracts awarded to GCStrategies, the firm embroiled in the high-profile ArriveCAN scandal. Hogan pointed to a lack of security clearance documentation in 21 percent of cases, and a lack of records related to 'which contracted resources performed the work, what work was completed, and whether the people doing the work had the required experience and qualifications.' Headline: Feds awarded ArriveCan firm nearly $100 million in contracts, despite issues — Indigenous Services Canada is frequently missing a six-month target for processing applications for on‑reserve housing, financial aid for post-secondary education, and certain health benefits. Headline: Ottawa failing to meet timelines for First Nations registration: Auditor General — The federal procurement department has revised down a pledge to reduce office space by 50 percent — now on track for only 33 percent. Headline: The federal government has been slow to offload office space: auditor general MORNING MUST-CLICKS — Top of POLITICO this morning: GAVIN NEWSOM gains a step in brawl with DONALD TRUMP: 'It'll help Gavin — especially if he gets arrested' — PIERRE POILIEVRE's take on population growth, via Global News: 'We want severe limits … to reverse the damage the Liberals did to our system.' — The New Republic visits Point Roberts, Washington — aka 'The Tiny Border Town Getting Battered by Trump's Tariffs on Canada' — National Post's STEPHANIE TAYLOR poses a question with no obvious answer: In Carney's Cabinet, who's responsible for online harms? — From the Toronto Star: 'Toronto police turn to AI tool to investigate the murders of Barry and Honey Sherman' PROZONE Our latest Pro PM Canada subscriber newsletter by MIKE BLANCHFIELD: Ethical judges 'not the case in many countries'. Other headlines for Pro subscribers: — Lawmakers push Hegseth on Golden Dome plan. — US oil production will fall by end of 2026, EIA predicts. — International students contributed $44B to the US economy in 2023. — Trump energy adviser slams renewables, says focus is on fossil fuels. PLAYBOOKERS Birthdays: HBD to Ontario Cabmin CAROLINE MULRONEY, former Liberal MP MARIO SILVA, former NDP MP and current commentator FRANÇOISE BOIVIN, and McMillan partner TIMOTHY CULLEN and the Toronto Star's SUSAN DELACOURT. HBD+1 to Playbook trivia regular RODDY MCFALL (60!). Noted: Canadians driving to the U.S. dropped by about 38 percent in May compared to the same month last year, a new Statistics Canada report shows. It's the fifth-straight month of decline. — U.S. Secretary of State MARCO RUBIO condemned sanctions levied against Israeli government officials by Canada, the U.K., Norway, Australia and New Zealand. Spotted: Prime Minister MARK CARNEY, raising the Pride flag on Parliament Hill alongside MPs from all parties. Movers and shakers: Sen. MARY JANE MCCALLUM has joined the Senate Conservative caucus. Lobby watch: Agnico Eagle Mines posted meetings in May with Energy and Natural Resources Minister TIM HODGSON, Deputy Minister MICHAEL VANDERGRIFT, as well as senior political aides and public servants … The Explorers and Producers Association of Canada posted a May 23 meeting with Hodgson, Vandergrift and Liberal MP COREY HOGAN (now also Hodgson's parlsec). TRIVIA Tuesday's answer: Former NDP MP SVEND ROBINSON, who won seven elections — and was Canada's first openly gay MP — lost comeback bids in 2006 and 2019. Props to SVEND ROBINSON (the one and only), CHRISTINA DE TONI, BRENNAN GOREHAM, JOHN PEPPER, LUCAS MALINOWSKI, JOHN ECKER, ALEXIS CONRAD, CHRIS RANDS, JOSEPH PLANTA, TIM MCCALLUM, LORETTA O'CONNOR, BRANDON RABIDEAU, NANCI WAUGH, MARCEL MARCOTTE, ALEX BALLINGALL, PATRICK DION, MATTHEW DUBÉ, BARRY MCLOUGHLIN, DAVE PENNER, PAUL PARK, DAVID LJUNGGREN, MARC LEBLANC, MICHAEL POWELL, JOHN DILLON, MATT CONLEY, BOB PLAMONDON, SCOTT MCCORD, RAY DEL BIANCO, GREG MACEACHERN, MARJORY LEBRETON, DAN ALBAS, CULLY ROBINSON, ELIZABETH BURN, GREG LYNDON, RALPH LEVENSTEIN, SUSAN KEYS, MALCOLM MCKAY, RODDY MCFALL, BOB ERNEST, AVIGAIL RUCKER, COLIN MCKONE, JEFFREY VALOIS, CHRIS LALANDE, ANTHONY CARRICATO, EDDIE HUTCHINSON, ROBERT MCDOUGALL, DARRYL DAMUDE, YAROSLAV BARAN, STEPHEN HAAS, BOB GORDON, RONALD LEMIEUX, ANNE MCGRATH and FRANCIS DOWNEY. Wednesday's question: Which world leader delivered a speech in the House of Commons on this day in 1996? Answers to canadaplaybook@ Writing tomorrow's Playbook: NICK TAYLOR-VAISEY and MICKEY DJURIC. Canada Playbook would not happen without: Canada Editor Sue Allan, editor Willa Plank and POLITICO's Grace Maalouf.
