Latest news with #CanadianRetail
CTV News
27-05-2025
- Business
- CTV News
Last week for liquidation at Hudson's Bay, with storied company set to lay off more than 8,000
Everything must go at Hudson's Bay stores. The Canadian retail icon is winding down operations, with retail stores across the country set to close this weekend. At Hudson's Bay, White Oaks Mall, London, the doors opened for business at 11:00 Tuesday morning for one of the very last times. A small crowd hurried in. Moments later a group of ladies emerged with some 'new friends' in tow. 'They're mannequins, we just think they're fun,' explained one of the women. 052725 - Hudson's Bay Shoppers attempt to stuff mannequins they bought at Hudson's Bay White Oaks into their car. (Bryan Bicknell/CTV News London) Hudson's Bay is selling off its furniture, fixtures and equipment. But in the midst of its liquidation, Canada's oldest company has filed a court motion stating it's terminating more than 8,000 employees by this coming Sunday, spelling the end to a storied Canadian institution- one that failed to keep pace with changing consumer trends, explained Jamie Hyodo, Assistant Professor at Western University's Department of Management and Organizational Studies. 'Whether that's in terms of e-commerce. Whether that's in terms of having an offering that's at an advantage to their competitors. And whether that's in terms of having a specific clientele that is loyal to the organization. The Bay lost all of those,' he said. 052725 - Hudson's Bay Hudson's Bay is liquidating its furniture, fixtures and equipment. (Bryan Bicknell/CTV News London) CTV News spoke with a 25-year employee at the Hudson's Bay White Oaks location, who was too distraught to appear on camera. She said the staff at her store are like family, and that the Hudson's Bay company has been a 'loyal' employer. But not everyone feels that way. Unionized Hudson's Bay workers held rallies in Windsor and Scarborough Tuesday to demand the company honour severance operations. 'These members, because of this situation of being unsecured creditors in the captive liquidation process, they are at the back of the line to get their severance which they should be entitled to,' said Dwayne Guiness, the President of Unifor Local 40, which represents Hudson's Bay workers. 'And also, the third component is the enhancement that we require to wages and a protection program run through service Canada and the government needs to be enhanced with workers like this and other workers across the country,' Guiness explained. Hudson's Bay has also ended several employee benefits since liquidation began.
CTV News
17-05-2025
- Business
- CTV News
‘Amazing enthusiasm' for MEC's return to Canadian ownership, executive says
A MEC store in Vancouver is seen in this file photo. (CTV News) Five years after it was sold to American investors in a creditor protection proceeding, popular outdoor retailer Mountain Equipment Company is back in Canadian hands. CEO Peter Hlynsky announced in a post on the company's website Friday that a Canadian investment group had become the company's majority owners. Hlynsky is part of that group, as is chief merchandising officer Chris Speyer, who spoke to CTV News via Zoom on Friday night. Speyer said the 'primary investor' of the group is Tim Gu, who is also a major shareholder in Roots, among other Canadian retail companies. 'We all come at this with a deep passion for the outdoors and a long-time connection to MEC,' Speyer said. 'We think that Canadian identity is more important than ever and we also think Canadians can build strategy for Canadians in a way that might be different than how international ownership might think about it.' He said the timing of the takeover is apt, given the current political climate caused by U.S. President Donald Trump's hostility to free trade with Canada and stated desire to annex his northern neighbour. Canadians' response to MEC's announcement has, so far, been 'amazing enthusiasm and pride,' Speyer said. He said the company employs 2,000 Canadians and is 'a Canadian institution.' The new ownership group will be looking to expand the company's made-in-Canada offerings, Speyer added. He also offered a positive assessment of the work the company's American owners have done since acquiring MEC in 2020. Kingswood Capital has done a good job stabilizing the company and maintaining continuity, Speyer said, adding that the company began looking for 'the right buyer' for MEC last August. 'Their business model is not long-term investing, it's relatively short-term investing,' he said. Speyer said the new ownership group is focused on the long term. MEC was founded in Vancouver in 1971 as Mountain Equipment Co-operative.
Yahoo
17-05-2025
- Business
- Yahoo
Hudson's Bay to sell IP to Canadian Tire Corp. for over $21M
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Prolonging its famous Canadian heritage, Hudson's Bay Co. has agreed to sell its intellectual property to Canadian Tire Corporation for a purchase price of about $30 million Canadian dollars (around $21.4 million as of press time), according to a press release Thursday. CTC has also bid on several lease locations, per a separate release from CTC. The deal — subject to court approval and other customary terms and conditions — is expected to close this summer. The IP portfolio for the deal includes the brand labels and designs for the HBC Stripes, Hudson's Bay Company, The Bay and more. The agreement does not include HBC's art and artifacts. The latest development in Hudson's Bay Co.'s roughly 350-year history comes about two months after it filed for bankruptcy. For CTC, the IP acquisition is viewed as a patriotic move. "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,' Canadian Tire Corporation President and CEO Greg Hicks said in a statement. 'Ultimately, customers are at the core of all we do, and by Canadians' reaction to recent rumours of this news, it is clear they see us as a great home for HBC's heritage. We are proud to steward these iconic brands into our – and their – next century." The deal will add to CTC's growing list of Canadian banners, which already includes Party City's Canadian business, Canadian Tire, Mark's and more. When HBC filed for bankruptcy protection in March, it cited President Trump's evolving tariff policies as one of the contributing factors to its struggles. The Canadian department store operated 80 Hudson's Bay, three Saks Fifth Avenue and 13 Saks Off 5th stores in the country. The iconic retailer (which had about 9,300 employees as of March) announced its plans a few days later to liquidate the business after failing to secure the finances to restructure. In April, the Canadian company revealed it would shutter six namesake stores in addition to a Saks Fifth Avenue store that Hudson's Bay Co. had initially excluded from liquidation plans. HBC said it had received several bids amid its liquidation process earlier this month, none of which were from insiders. Canadians reportedly took advantage of the retailer's sales, with HBC noting in court filings that they 'generated cash in excess of … operating needs.' Recommended Reading Small retailers again struggling to pay rent Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
15-05-2025
- Business
- CBC
Canadian Tire to take over Hudson's Bay's iconic stripes, logos
Shoppers who stocked up on Hudson's Bay blankets or other goods adorned with the iconic retailer's stripes, hoping they'd become collector's items, may be in for disappointment. On Thursday, Canadian Tire announced it will pay $30 million to take over Hudson's Bays intellectual property, including its famous four stripes motif, various company names, logos, and the retailer's coat of arms symbol. The deal still needs court approval. In March, indebted Hudson's Bay Co. was granted creditor protection and put it assets up for sale. The 355-year-old retailer plans to close its 80 Bay and 16 Saks-branded stores next month. Canadian Tire, which has more 1,700 retail locations across the country, was established in 1922. "Some things are just meant to stay Canadian and we are honoured to welcome many of HBC's leading brands – including the iconic HBC coat of arms and the Stripes – into our Canadian Tire family," said Greg Hicks, Canadian Tire CEO and president in a statement. "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." Although Hudson's Bay has become a symbol of Canada, the department store chain has been under American ownership since 2006. The future of the beleaguered retailer is not yet known; it has received 12 bids for 39 of its stores, according to court documents. Liquidation sales at all Hudson's Bay's stores are expected to wind up by June 1. WATCH | Hudson's Bay to close all stores: Hudson's Bay liquidates final 6 stores, including Toronto flagship 20 days ago Duration 2:00 After trying to spare them from liquidation, Hudson's Bay is clearing out merchandise from its six remaining locations, including its downtown Toronto flagship store.
National Post
15-05-2025
- Business
- National Post
Hudson's Bay Announces Agreement to Sell its Intellectual Property and Brand Assets
Article content TORONTO — 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. Article content Article content '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.' Article content 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. Article content 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. Article content 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. Article content Article content Article content Article content Article content Article content
