Hudson's Bay intellectual property acquired for 30 million dollars
The intellectual property of Canadian retailer Hudson's Bay Company (HBC) has been snapped up in an acquisition deal amounting to 30 million Canadian dollars (21.5 million US dollars).
The move has been made by Canadian Tire Corporation (CTC), which announced that it had entered into a definitive agreement to secure the HBC Stripes – the stripe design synonymous with HBC – and other company names, logos, designs and brand trademarks, including that of HBC subsidiary The Bay.
CTC expects to close the transaction, which is subject to court approval and other customary conditions, later this summer. The company further confirmed that it had 'bid for a handful of lease locations'.
In a release, CTC's president and CEO, Greg Hicks, said the decision to acquire HBC's IP 'feels as strategic as it feels patriotic'. Bringing HBC under its umbrella – which already houses Helly Hansen, Mark's and Sportchek – thus adds to the group's 'portfolio of owned brands alongside other Canadian favourites that we have fostered and grown', Hicks added.
HBC confirmed in March that it was seeking bankruptcy protection in response to mounting financial pressures. A statement at the time shared that it was exploring strategic alternatives and engaging stakeholders to identify potential solutions to preserve the business.
The retail company then began a store-by-store liquidation process after failing to find sufficient funding for a restructuring plan. HBC confirmed that it was to liquidate its remaining stores in Canada from April 25.
On this topic, Hicks added: "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.'
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