Hudson's Bay Announces Agreement to Sell its Intellectual Property and Brand Assets
TORONTO--(BUSINESS WIRE)--Hudson's Bay Company ULC (' Hudson's Bay ' or the ' Company '), as part of its ongoing restructuring under the Companies' Creditors Arrangement Act (' CCAA '), today announced that it has entered into a definitive agreement to sell its intellectual property portfolio, including the HBC Stripes and other brand assets, to Canadian Tire Corporation.
'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' said Liz Rodbell, President and CEO, Hudson's Bay. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.'
The agreement is the result of the previously announced sale and investment solicitation process approved by the Ontario Superior Court of Justice (Commercial List) (the ' Court '), whereby the Company sought sale proposals and investment proposals from qualified bidders in respect of the Company's property and business. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with Reflect Advisors, LLC, in its capacity as the Company's financial advisor, certain of the Company's senior lenders and the Court-appointed monitor (the ' Monitor ') of the Company, have determined that entering into the transaction is in the best interests of the Company and its stakeholders.
The agreement is subject to Court-approval and other customary terms and conditions, and is expected to close in the summer of 2025. The purchase price for the intellectual property portfolio is $30,001,670, and the sale excludes the Company's art and artifacts which will be subject to a separate Court-approved process. The sale and investment solicitation process and lease monetization process remain ongoing and updates will be provided as appropriate.
About Hudson's Bay Company ULC
Hudson's Bay Company ULC is a Canadian entity that includes the retail company Hudson's Bay, comprising approximately 79 stores which are in the process of being liquidated in accordance with the CCAA proceedings.
Court filings as well as other information related to Hudson's Bay Company's CCAA proceedings will be available on the Monitor's website at www.alvarezandmarsal.com/HudsonsBay. Information regarding the CCAA proceedings may also be obtained by calling the Monitor's hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@alvarezandmarsal.com. Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.
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