Resurrecting Hudson's Bay, in a Limited Way
Hudson's Bay is liquidating all of its stores but won't completely disappear from the Canadian retail landscape.
The Canadian Tire Corp. has entered into a definitive agreement to buy the intellectual properties of Hudson's Bay, including the time-honored HBC stripes and various company names, logos, designs, coat of arms and brand trademarks, for 30 million Canadian dollars.
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Hudson's Bay Extends Liquidation to Entire Fleet
Hudson's Bay this year started liquidating all 80 of its stores, which are situated throughout Canada, but the deal with Canadian Tire means the signature Hudson's Bay merchandise, most notably the blankets and accessories bearing the familiar Hudson's Bay stripes, will survive.
Canadian Tire is also bidding for a handful of Hudson's Bay leases, most likely to be converted into Canadian Tire retail formats, and less likely for reviving any Hudson's Bay stores. The locations being pursued were not disclosed, nor did Canadian Tire indicate what any Hudson's Bay leases would be used for. Among Hudson's Bay's key locations are those in downtown Toronto on Queen Street; the Yorkdale Shopping Center in Toronto; the Hillcrest Mall in Richmond Hill, Ontario; in downtown Montreal; in Laval and in Pointe-Claire, both cities in Quebec.
The venerable Hudson's Bay chain was brought down by stronger competition, younger generations opting to shop new formats such as Aritzia, a lack of investment, too much debt and a string of management changes and repositionings over the last two decades as it tried to find its way. Recent talks to secure financing fell apart.
Hudson's Bay was part of the same retail group led by Richard Baker that owned Saks Fifth Avenue and Saks Off 5th, but when Saks purchased the Neiman Marcus Group in December in a $2.7 billion deal forming Saks Global, Hudson's Bay was separated from the operation. Baker's NRDC Equity Partners bought Hudson's Bay in 2008 for around $1 billion from the widow of South Carolina industrialist Jerry Zucker, who bought Hudson's Bay two years before for $1.1 billion.
'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,' Greg Hicks, the president and chief executive officer of Canadian Tire, said in a statement. 'Ultimately, customers are at the core of all we do, and by Canadians' reaction to recent rumors of this news, it is clear they see us as a great home for HBC's heritage.
'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 added. 'Some things are just meant to stay Canadian.' Hudson's Bay is 355 years old. Canadian Tire is 103 years old.
The deal to sustain Hudson's Bay, albeit in a limited way, 'feels as strategic as it feels patriotic,' Hicks added. 'It builds on our generational connection to life in Canada and it fits our new True North strategy. The stripes will add beautifully to our portfolio of owned brands alongside other Canadian favorites 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 agreement is subject to court approval and other customary terms and conditions. Canadian Tire expects the transaction to close later this summer.
There are approximately 500 Canadian Tire retail locations, selling a vast array of merchandise including automotive products, pipes, party products, tools, repair products, lawn equipment, sports and outdoor equipment. The Toronto-based Canadian Tire also operates SportChek, Mark's, and Party City stores in Canada.
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