Latest news with #CanadianTire
Hamilton Spectator
an hour ago
- Business
- Hamilton Spectator
Hudson's Bay heads back to court to seek approval for Canadian Tire deal
TORONTO - Hudson's Bay is expected to return to court Tuesday morning to seek approval for a $30-million deal it signed with Canadian Tire Corp. Ltd. If the deal gets the OK from Ontario's Superior Court, Canadian Tire will be able to buy the rights to Hudson's Bay's intellectual property, which includes its name, its coat of arms and its iconic stripes. Court documents have also shown the deal includes the Bay's Distinctly Home brand, its Hudson North apparel line and trademarks like 'Bay Days' and the Zellers catchphrase 'lowest price is the law.' The move to get approval for the Canadian Tire deal comes months after Canada's oldest company filed for creditor protection and days after it closed all 96 of the stores it ran under its Bay and Saks banners on Sunday. Hudson's Bay has said the sale and closures were necessary because the 355-year-old company was not able to attract an investor to keep some semblance of the current business alive. Canadian Tire wound up being the winner of the Bay's trademarks after the company and its advisers invited 407 people and firms to bid on the intellectual property and other assets. Adam Zalev, co-founder of Bay financial adviser Reflect Advisors, said in court documents that 17 bids were received. Thirteen were for intellectual property, but Canadian Tire's was 'superior to all other bids considered,' he said. Hudson's Bay is expected to ask for a document describing why it chose Canadian Tire to be sealed because it contains commercially sensitive information, including the amounts offered by the next highest bidders. On top of taking over the trademarks, Canadian Tire will also assume a contract Hudson's Bay has with Pendleton Woolen Mills, an Oregon-based blanket and clothing maker. After Hudson's Bay and Pendleton disagreed about the use of some multistripe and 'point' motifs in 2009, they reached a settlement that gave Pendleton a license for some Bay trademarks. Aside from being asked to approve the Canadian Tire deal, a court is also expected to hear two other Bay motions Tuesday. The first is from RioCan Real Estate Investment Trust, which has a joint venture with the Bay. The venture has leases for 12 properties the department store used, but RioCan wants to put the partnership into receivership to protect its stakeholders and maximize the value it can recover. Receivership is a process allowing a third-party to take control of a company's assets, oversee their liquidation and repay creditors. The court will also be asked to recognize the Bay as the former employer of all the department store's workers who have been terminated. The declaration will allow the Bay's 9,364 staff, including more than 8,300 who have already lost their jobs, to recoup money they may be owed from the retailer under the Wage Earner Protection Program Act. People who qualify under the federal program can earn up to $8,844.22 this year. This report by The Canadian Press was first published June 3, 2025. Companies in this story: (TSX:CTC.A, TSX:REI-UN)
Yahoo
an hour ago
- Business
- Yahoo
Hudson's Bay heads back to court to seek approval for Canadian Tire deal
TORONTO — Hudson's Bay is expected to return to court Tuesday morning to seek approval for a $30-million deal it signed with Canadian Tire Corp. Ltd. If the deal gets the OK from Ontario's Superior Court, Canadian Tire will be able to buy the rights to Hudson's Bay's intellectual property, which includes its name, its coat of arms and its iconic stripes. Court documents have also shown the deal includes the Bay's Distinctly Home brand, its Hudson North apparel line and trademarks like "Bay Days" and the Zellers catchphrase "lowest price is the law." The move to get approval for the Canadian Tire deal comes months after Canada's oldest company filed for creditor protection and days after it closed all 96 of the stores it ran under its Bay and Saks banners on Sunday. Hudson's Bay has said the sale and closures were necessary because the 355-year-old company was not able to attract an investor to keep some semblance of the current business alive. Canadian Tire wound up being the winner of the Bay's trademarks after the company and its advisers invited 407 people and firms to bid on the intellectual property and other assets. Adam Zalev, co-founder of Bay financial adviser Reflect Advisors, said in court documents that 17 bids were received. Thirteen were for intellectual property, but Canadian Tire's was 'superior to all other bids considered,' he said. Hudson's Bay is expected to ask for a document describing why it chose Canadian Tire to be sealed because it contains commercially sensitive information, including the amounts offered by the next highest bidders. On top of taking over the trademarks, Canadian Tire will also assume a contract Hudson's Bay has with Pendleton Woolen Mills, an Oregon-based blanket and clothing maker. After Hudson's Bay and Pendleton disagreed about the use of some multistripe and 'point' motifs in 2009, they reached a settlement that gave Pendleton a license for some Bay trademarks. Aside from being asked to approve the Canadian Tire deal, a court is also expected to hear two other Bay motions Tuesday. The first is from RioCan Real Estate Investment Trust, which has a joint venture with the Bay. The venture has leases for 12 properties the department store used, but RioCan wants to put the partnership into receivership to protect its stakeholders and maximize the value it can recover. Receivership is a process allowing a third-party to take control of a company's assets, oversee their liquidation and repay creditors. The court will also be asked to recognize the Bay as the former employer of all the department store's workers who have been terminated. The declaration will allow the Bay's 9,364 staff, including more than 8,300 who have already lost their jobs, to recoup money they may be owed from the retailer under the Wage Earner Protection Program Act. People who qualify under the federal program can earn up to $8,844.22 this year. This report by The Canadian Press was first published June 3, 2025. Companies in this story: (TSX:CTC.A, TSX:REI-UN) Tara Deschamps, The Canadian Press 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
The Province
9 hours ago
- Business
- The Province
Can a B.C. developer's big bet on Hudson's Bay stores redefine Canadian retail?
Canadian Tire has the brand, but Ruby Liu has a bold vision for 28 vacant storefronts, many of which are in need of major repairs Published Jun 01, 2025 • 5 minute read B.C. developer Ruby Liu is aiming to transform up to 28 former Bay and Saks locations into a modern Canadian department store chain. Photo by Gavin Young/Postmedia When Hudson's Bay began liquidating all of its stores and hunting for a potential new owner, Ruby Liu was determined not to let Canada's oldest company disappear. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The B.C. mall owner made an offer for the company in hopes of restoring it to its former glory, but when Canadian Tire was chosen (court approval pending) to buy its name and trademark stripes, Liu's plan was foiled. Yet she didn't give up. Instead, she brokered a deal to take over up to 28 of the leases held by Hudson's Bay and its sister Saks businesses in Alberta, B.C. and Ontario and transform them into 'a new modern department store.' But making the jump from vision to reality won't be easy, even with her persistence and the billions of dollars reportedly at her fingertips. 'There is a lot of research, a lot of planning, a lot of capital, a lot of logistical challenges, inventory, branding and people that need to be figured out,' said Jenna Jacobson, the Eaton Chair in Retailing at Toronto Metropolitan University. This advertisement has not loaded yet, but your article continues below. Because Hudson's Bay sold off its real estate years ago, Liu's first task once the liquidation sales end Sunday will be convincing the landlords who own the massive spaces to get on board with her plan or it's unlikely a court will rubber stamp it. Several landlords have told The Canadian Press they are awaiting more details before they decide what to do about Liu, who declined to comment for this story. Shoppers on an elevator look back at a closed Hudson's Bay store in a mall on March 20, 2025 in Hamilton, Canada. Photo by Katherine KY Cheng / Getty Images Don Gregor, an executive vice-president at Aurora Realty Consultants not involved with the deal, suspects their approval will be hard to win. He reasons that landlords like to be in control and usually don't want to have tenants selected for them, especially tenants who will pick up 'trophy leases' with the kind of deep concessions only a business as storied as the Bay could extract. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Many of those leases date back to the very inception of the malls or properties they cover and would have rent charges Gregor believes were 'well-below market.' He also figures they had clauses restricting what other tenants could move in and what else could be built on the site. '(Landlords) would have loved if HBC had gone bankrupt and hadn't just fallen apart totally and they just get the space back because all the restrictions that anchor tenant held in that old lease would have gone away,' he said. 'Now, there's going to be a negotiation, like a dance between the two parties, where they have a little bit of give and take.' Liu will come to the table with plenty of business experience. She is said to have made billions through real estate developments in China before she headed to Canada. This advertisement has not loaded yet, but your article continues below. B.C. developer Ruby Liu is aiming to transform up to 28 former Bay and Saks locations into a modern Canadian department store chain. Photo by RICHARD LAM / PNG Once here, her Central Walk business bought British Columbia malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre, as well as Arbutus Ridge Golf Course. The shopping centres feature plenty of Canadian mall staples along with rarities like Bass Pro Shops, L.L. Bean and even cafe kiosks powered by robot baristas. Gregor thinks Liu operates 'very good malls' but will need a 'wonder team of lawyers' to advance a deal as significant and complex as the Bay one. One thing she'll have going for her is that landlords don't like to leave big pieces of their properties in limbo, said J.C. Williams Group retail strategist Lisa Hutcheson. 'In some ways, she makes it easier for them to not have to be worrying about how they're going to fill that large square footage,' she said. This advertisement has not loaded yet, but your article continues below. If they approve of Liu, they will also have someone to shoulder repairs the Bay neglected to do, Hutcheson said. A handful of its stores temporarily closed last summer because of air conditioning troubles and even more have been plagued with broken escalators for years. Gregor estimates it would cost half a million dollars to repair the HVAC system at just one of the Bay's biggest locations. Elevator fixes or replacements could take a year, he said. And that's on top of the $100 to $150 per square foot he thinks will have to be spent — at minimum — to shape the spaces. Many Hudson's Bay stores have been plagued with broken escalators for years. 'These stores are several hundred thousand square feet, and that takes a lot to reposition,' Hutcheson agreed. She pointed out La Maison Simons is spending about 18 months transforming some former Nordstrom locations in Toronto. This advertisement has not loaded yet, but your article continues below. 'And that's with a fully baked concept that they're going off of,' she said. Liu will have to generate a new concept that can go head-to-head with long-established department stores like Simons and Holt Renfrew and the plethora of options online. That will likely mean brokering relationships with suppliers Hutcheson believes will be 'a little bit nervous' because they are still reeling from millions in losses that came from the fall of the Bay. It will also mean hiring a large workforce that will devote themselves to an untested brand and then sell it to customers. Liu has promised to give suppliers and vendors who worked with Hudson's Bay priority when selecting partners for her new venture. She has also said she will prioritize hiring from the Bay's workforce, which stood at 9,364 staff before its demise. This advertisement has not loaded yet, but your article continues below. 'But between now and when I expect (Liu's) doors will open, will be a gap, and many of them will find jobs,' Hutcheson said. Despite the battery of challenges Liu will have to overcome, Jacobson said the efforts could be worth it for both her and her customers. If Liu uses the opportunity to mirror the overseas department store model with new brands, supermarkets, restaurants, salons, entertainment and other digital experiences, Jacobson thinks Liu will 'usher in a new form of retail' the Canadian market sorely needs. 'If you look at the Chinese department stores, they often act like more of a destination in and of themselves than what we typically see in a Canadian or North American market,' Jacobson said. 'It's a destination where people could spend a significant amount of time … which is going to be needed in order to have a successful model moving forward.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here. Vancouver Canucks Sports Vancouver Canucks Vancouver Whitecaps News
Global News
14 hours ago
- Automotive
- Global News
Canadian Tire sells Helly Hansen to U.S. company for $1.3B
Canadian Tire has sold its sportswear brand Helly Hansen to an American company, the Canadian retailer announced on Monday. In a statement released Monday, Canadian Tire said 'it has successfully closed the previously-announced sale of the Helly Hansen business to Kontoor Brands, Inc.' The retailer founded in 1922 announced earlier in the year that it was selling sportswear business Helly Hansen to Kontoor Brands. The almost $1.3-billion deal with the U.S. owner of clothing labels Wrangler, Lee and Rock & Republic boosted Canadian Tire's balance sheet with the kind of cash it would need for a Bay deal. 1:32 Hudson's Bay to sell its brands to Canadian Tire in $30M deal Canadian Tire CEO Greg Hicks said back in February that customers will still be able to buy Helly Hansen products off their shelves. Story continues below advertisement 'As we shift from brand owner to brand customer, we expect Helly Hansen's world-class products to remain on our shelves and on the shopping lists of our customers. We are excited to see where Kontoor takes the brand next,' said Hicks. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The company said it was selling the brand to focus on its Canadian retail business. 'As our strategy becomes more singularly focused on great Canadian retail, it is time to pass this iconic brand into global hands,' Hicks said. He said the money made from this sale would go towards 'a combination of debt reduction, share repurchases, as well investments to drive customer experience and growth in its core Canadian retail business.' — with files from Canadian Press
Time Out
16 hours ago
- Business
- Time Out
New French signage rules now mandatory for businesses in Quebec with fines up to $90,000
It's official: Companies like Canadian Tire, Best Buy, and Second Cup must now add French descriptions to their storefronts, covering two-thirds of the text space. Despite a request from business groups to extend the deadline, as of Sunday, June 1,2025, several French-language requirements related to commercial signage and packaging came into force under Law 14 (formerly Bill 96). With French required to be the dominant language on store signs and stricter guidelines for product packaging, the key changes include any business name featuring a specific term (such as a store name) in a language other than French and visible from outside must now be accompanied by French wording—such as a generic term, a description, or a slogan—to ensure the clear predominance of French. This also applies to recognized trademarks, whether fully or partially in another language, if they appear in signage visible from outside a premises. "Visible from outside" includes displays seen from the exterior of a building or structure, within a shopping mall, or on terminals and standalone signage like pylons. What to know about Quebec's new language rules? Under the new rules, French must occupy twice the space of other languages on storefronts, meaning businesses with English names must add prominent French descriptions. While trademarks can remain in other languages, new rules require generic terms within them—like "lavender and shea butter"—to be translated into French. Critics warn this could limit product availability if global suppliers don't adapt, pushing customers to online retailers. Quebec's language requirement, previously for businesses with 50+ employees, now applies to those with 25–49 staff, who must register with the language office—even if no changes are ultimately needed. Businesses that violate the new rules face fines from $3,000 to $30,000 per day, rising to $90,000 for repeat offences—though officials say penalties may be delayed if efforts to comply are underway. What is Bill 96 Quebec 2025? Bill 96, which amends Quebec's Charter of the French Language, introduces changes that impact businesses in Quebec, particularly regarding language use in commerce and business. Specifically, on June 1, 2025, a key element of Bill 96 regarding trademarks comes into effect, requiring translation of descriptive or generic terms within trademarks into French.
