Canadian Tire buying Hudson's Bay stripes and brand name for $30M: 'Meant to stay Canadian'
Hudson's Bay Co. ULC has entered into an agreement to sell its intellectual property, which includes the HBC stripes and other brand labels, to Canadian Tire Corp. for about $30 million, as part of its effort to pay back about $1 billion to its creditors.
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The deal, which was announced on Thursday evening, has to be approved by an Ontario court and is expected to be completed by summer, HBC said.
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'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' Liz Rodbell, HBC's chief executive, said in a statement on Thursday. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.'
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'Some things are just meant to stay Canadian,' he said. '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. Ultimately, customers are at the core of all we do.'
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He said that the Stripes would 'add beautifully' to Canadian Tire's portfolio and that the other brands have long been 'known for their strength' and would be sought after by Canadian Tire's customers.
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The agreement is part of HBC's efforts to raise enough money to pay back its creditors. Aside from looking to sell its intellectual property, it is also in the process of liquidating all of its stores, monetizing its leases and selling its artifacts, which includes the historical charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670.
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Canada's oldest department store went to court on March 7 to get an order that would protect it from its creditors as it struggled to pay its dues to landlords, vendors and service providers. It took the step after a landlord locked it out of a store in Sydney, N.S., and a team of bailiffs attempted to seize merchandise from a store in Toronto's Sherway Gardens mall.
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The move was supposed to provide the company, which struggled to cope with the shift to online shopping, with 'breathing room' as it looked for financing. That plan, however, didn't work out, as trade tensions between the United States and Canada pushed potential financiers to the sidelines, it said.
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Cision Canada
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Ferrovial will invest CAD $1.99 billion to acquire the 5.06% stake from AtkinsRéalis (CAD $1,353 million for the 3.30% plus CAD $637 million for the 1.76%, the latter has been adjusted in accordance with an agreed formula for the exercise of the put and call option), increasing its total ownership of the Canadian highway from 43.23% to 48.29%. Separate deals have been announced today by AtkinsRéalis, which has also completed the sale of its remaining 1.7% stake in 407 ETR to Canada Pension Plan Investment Board (CPP Investments), and by Public Sector Pension Investment Board (PSP Investments), which has completed the acquisition of a 7.51% interest in 407 ETR from CPP Investments. With the transactions now complete, 407 ETR's ownership is as follows: Ferrovial at 48.29%, CPP Investments and other institutional investors at 44.20%, and PSP Investments at 7.51%. Highway 407 ETR is a 108 kilometer, all-electronic, open-access toll highway located in the Greater Toronto Area in Ontario, Canada. It plays an important role in alleviating congestion on the Greater Toronto Area roadways. Each week, more than three million people travel on 407 ETR. As a shareholder since 1999, Ferrovial has demonstrated its enduring commitment to 407 ETR, which serves the citizens of the Greater Toronto Area improving mobility and fostering growth in the region. The company has longstanding relationships and a track record of successful collaboration with its partners in this high-quality asset. Forward-looking statements This press release contains forward-looking statements. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the terms and conditions of the transaction, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "target," "anticipate" and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: risks related to our diverse geographical operations and Business Divisions; risks related to our acquisitions, divestments and other strategic transactions that we may undertake and considering that our business is derived from a small number of projects; the impact of competitive pressures in our industry and pricing, including the costs of and lack of certainty in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us; our ability to obtain adequate financing in the future as needed; our ability to maintain compliance with the continued listing requirements of Nasdaq Global Select Market, Euronext Amsterdam and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; impact of any changes in existing or future tax regimes or regulations; risks specific to our securities, including the payment of future dividends, which will depend on our financial condition and results of operations, and the liquidity of our shares as a consequence of the multiple listings in different jurisdictions; risks related to increased digitalization and to cybersecurity threats; the impacts of accidents or other incidents at our project sites and facilities; physical and transitional risks in connection with the impacts of climate change; risks related to increased scrutiny and changing expectations in connection with sustainability and ESG matters; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; risk associated with the international nature of our business and operations; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; our legal and regulatory risks given that we operate in highly regulated environments and may be subject to changes in regulations; risks related to our holding company structure and from our joint venture and partnership operations; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") which is available on the SEC website at as such factors may be updated from time to time in our other filings with the SEC. 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