Hudson's Bay to sell brand assets to Canadian Tire
Hudson's Bay announced on Thursday a definitive agreement to sell its intellectual property portfolio, including the iconic HBC Stripes and related brand assets, to Canadian Tire Corporation.
The $30 million transaction, expected to close in the summer of 2025 pending court approval, marks a defining moment in Canadian retail as one storied heritage brand passes the torch to another.
'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.'
Canadian Tire will sell the products under this deal at its 1,700 stores, which operate under its SportChek, Party City, Mark's and Pro Hockey Life banners.
Hudson's Bay sought creditor protection in March, initiating a sale process and beginning liquidation of all of its 79 stores across Canada. All Hudson's Bay and Saks Fifth Avenue stores in Canada are expected to cease operations no later than June 15.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
3 hours ago
- Fashion Network
Lululemon shares tumble as yogawear firm warns tariffs will crimp profit
Lululemon Athletica's shares fell as much as 21% on Friday, as the maker of high-end leggings warned that tariff-related costs and uneven demand in key markets of North America and China will dent its profits this year. The Canadian firm, whose popular Align yoga pants sell for up to $128 apiece on its website, will take modest price hikes for a "small portion of the assortment" and ramp up discounts for the rest of the year, company executives said. The company's stock, which is down about 14% this year, was trading at about $264 on Friday, on track for its worst day since March 2020. This has set Lululemon up to lose roughly $8 billion in market value, if losses held. Lululemon has struggled to retain shoppers, despite its efforts to introduce fresh styles of sports bras and athletic jackets, as it faces intense competition from trendier and more affordable brands in North America and mainland China. "Despite (Americas) decline, management continues to prioritize product newness and China expansion over addressing a pullback from core customers and evident traffic declines," Jefferies analyst Randal Konik said in a note. "We believe this misalignment is concerning." Lululemon joins sportswear rivals Nike, opens new tab and On in raising prices in the U.S. as erratic trade tactics under President Donald Trump rattle global markets and fuel fears of a recession. Lululemon trimmed its 2025 earnings forecast and said it expects margins to come under pressure from the proposed tariffs, which will impact products from some of its largest sourcing hubs in Vietnam, Cambodia and Sri Lanka. The company's latest results suggest Lululemon might be facing deeper challenges given the slowdown in its domestic business over the past twelve months, UBS analyst Jay Sole said. At least 12 brokerages cut their price targets on the stock, with J.P. Morgan slashing it the most, to $303 from $389. Lululemon's forward price-to-earnings multiple, a common benchmark for valuing stocks, is 21.46, compared to that of 31.37 for Nike and 9.54 for Gap.
France 24
4 hours ago
- France 24
US, China seek to extend trade truce with London talks
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will lead the US delegation, President Donald Trump announced Friday. Chinese Vice Premier He Lifeng -- who led Beijing's negotiating team in Geneva -- will also lead the team in London, the foreign ministry announced at the weekend. "The meeting should go very well," Trump said in a post on his Truth Social platform. His press secretary, Karoline Leavitt, told Fox News on Sunday: "We want China and the United States to continue moving forward with the agreement that was struck in Geneva." While the government of UK Prime Minister Keir Starmer reiterated that it was not involved in the content of the discussions in any way, a spokesperson said: "We are a nation that champions free trade." UK authorities "have always been clear that a trade war is in nobody's interests, so we welcome these talks," the spokesperson added. 'Correcting the course' The talks in London come just a few days after Trump and Chinese President Xi Jinping finally held their first publicly announced telephone talks since the Republican returned to the White House. Trump said that call, which took place on Thursday, had reached a "very positive conclusion." Xi was quoted by state-run news agency Xinhua as saying that "correcting the course of the big ship of Sino-US relations requires us to steer well and set the direction." The call came after tensions between the world's two biggest economies had soared, with Trump accusing Beijing of violating a tariff de-escalation deal reached in Geneva in mid-May. "We need China to comply with their side of the deal. And so that's what the trade team will be discussing tomorrow," Leavitt said Sunday. In April, Trump introduced sweeping worldwide tariffs that targeted China most heavily. At one point the United States hit China with additional levies of 145 percent on its goods as both sides engaged in tit-for-tat escalation. China's countermeasures on US goods reached 125 percent. Then in Switzerland, after two days of talks, the two sides agreed to slash their staggeringly high tariffs for 90 days. But differences have persisted, including over China's restrictions on the export of rare earth minerals used in tech products. 'Green channel' Throughout its talks with Washington, China also has launched discussions with other trading partners -- including Japan and South Korea -- in a bid to build a united front to counter Trump's tariffs. On Thursday, Beijing turned to Canada, with the two sides agreeing to regularize their channels of communication after a period of strained ties. Canadian Prime Minister Mark Carney and Chinese Premier Li Qiang also discussed trade and the fentanyl crisis, Ottawa said. Beijing proposed establishing a "green channel" to ease the export of rare earths to the European Union, and fast-tracking approval of some export licenses. That proposal from the commerce ministry in Beijing came after talks on Tuesday between China's Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic.
Fashion Network
5 hours ago
- Fashion Network
Lululemon shares tumble as yogawear firm warns tariffs will crimp profit
Lululemon Athletica's shares fell as much as 21% on Friday, as the maker of high-end leggings warned that tariff-related costs and uneven demand in key markets of North America and China will dent its profits this year. The Canadian firm, whose popular Align yoga pants sell for up to $128 apiece on its website, will take modest price hikes for a "small portion of the assortment" and ramp up discounts for the rest of the year, company executives said. The company's stock, which is down about 14% this year, was trading at about $264 on Friday, on track for its worst day since March 2020. This has set Lululemon up to lose roughly $8 billion in market value, if losses held. Lululemon has struggled to retain shoppers, despite its efforts to introduce fresh styles of sports bras and athletic jackets, as it faces intense competition from trendier and more affordable brands in North America and mainland China. "Despite (Americas) decline, management continues to prioritize product newness and China expansion over addressing a pullback from core customers and evident traffic declines," Jefferies analyst Randal Konik said in a note. "We believe this misalignment is concerning." Lululemon joins sportswear rivals Nike, opens new tab and On in raising prices in the U.S. as erratic trade tactics under President Donald Trump rattle global markets and fuel fears of a recession. Lululemon trimmed its 2025 earnings forecast and said it expects margins to come under pressure from the proposed tariffs, which will impact products from some of its largest sourcing hubs in Vietnam, Cambodia and Sri Lanka. The company's latest results suggest Lululemon might be facing deeper challenges given the slowdown in its domestic business over the past twelve months, UBS analyst Jay Sole said. At least 12 brokerages cut their price targets on the stock, with J.P. Morgan slashing it the most, to $303 from $389. Lululemon's forward price-to-earnings multiple, a common benchmark for valuing stocks, is 21.46, compared to that of 31.37 for Nike and 9.54 for Gap.
