Latest news with #GregHicks
Global News
2 days 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
Fashion United
20-05-2025
- Business
- Fashion United
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.'
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
Yahoo
16-05-2025
- Business
- Yahoo
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 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
Yahoo
16-05-2025
- Business
- Yahoo
Hudson's Bay to sell name, stripes, brands to Canadian Tire for $30 million
TORONTO — Hudson's Bay is getting a second life with a new owner — Canadian Tire Corp. Ltd. Canadian Tire said Thursday that it will pay $30 million for intellectual property belonging to the retailer, which is Canada's oldest company. The sale includes the overarching Hudson's Bay brand, its iconic, multicoloured stripes motif, its coat of arms and other brand trademarks. The deal allows products under these names to be sold by Canadian Tire, which also owns SportChek, Party City, Mark's and Pro Hockey Life, at their 1,700 stores. The exchange includes houseware brands Gluckstein and Distinctly Home, as well as apparel line Hudson North, said a source familiar with the deal, who is not being named because they were unauthorized to speak about it. Canadian Tire CEO Greg Hicks said the fall of the Bay is "disheartening to witness" but the deal his company reached is meant to be both "strategic" and "patriotic." "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," he said in a press release. His sentiment was echoed by Liz Rodbell, CEO of Hudson's Bay. 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' she said in a press release. '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 sale, which is expected to close this summer, still needs court approval. Companies that make purchases through creditor protection processes are under no obligation to make use of the brands they buy, but it's likely Canadian Tire will capitalize on any acquisitions. Its stores cover much of the same territory as Hudson's Bay, making it easy to integrate Gluckstein and Distinctly Home items into Canadian Tires and Hudson North into Mark's and SportChek shops. Canadian Tire's brands would also be a natural fit for the Bay stripes — likely the most valuable asset being acquired. The green, red, yellow and indigo motif dating back to 1779 has emblazoned clothing and blankets but also cookware, canoes, pet collars and patio furniture, which Canadian Tire sells. The proposed handover comes after Hudson's Bay filed for creditor protection in March, saying it was having significant trouble paying its bills because of factors including a slow recovery from the pandemic, lower downtown traffic and the tariff war with the U.S. Unable to secure funding to keep its 80 Bay stores and 16 others under the Saks banners alive, it started liquidating the shops and searching for a way to avoid the complete death of its brands. At stake was more than the legacy of the 355-year-old department store chain, because the company has also played a pivotal role in Canadian history. It was founded in 1670 as a fur-trading business that controlled much of the country's land, economy and Indigenous relations. While it started as a way to exchange goods such as beaver pelts, animal furs and point blankets, Hudson's Bay eventually morphed into a department store Canadians could count on for housewares, apparel and more. Consumers flocked to Bay locations to outfit their first homes, set up wedding and baby registries and take in holiday window displays. When Hudson's Bay started soliciting buyers for its brands, companies could seek to rebuild the business as a modern department store or just pick up and reimagine its brands. Adam Zalev, managing director at Bay financial adviser Reflect Advisors, said "numerous parties" were interested in the possibilities Hudson's Bay's assets offered. The company ultimately received 17 bids. Canadian Tire's focused on the intellectual property but also includes a bid for "a handful of lease locations." It is unclear whether the company intends to run those locations as Bay stores or use them for its other brands. Hicks said on a recent earnings call that Canadian Tire was not contemplating an acquisition of the Bay's entire operations because 'that is just not a good fit for us right now, given all the things we have going on.' Questions about the company's Bay offer emerged after The Canadian Press reported that two sources said Canadian Tire had bid on the intellectual property. Neither Hicks nor Canadian Tire confirmed the offer, but he said on the call, 'we have always considered attractive tuck-ins and brands and this time period is no different on that front.' The time period was also opportune for another reason: Canadian Tire had just made a big sale that would free up cash to make a major purchase. 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. While the Bay's brands have found a home at Canadian Tire, its massive leases in prime shopping neighbourhoods are still in play. Twelve parties have made bids for a total of 39 leases, with some bidders making a play for the same locations, recent court filings have said. Aside from its leases, Hudson's Bay is also looking for new owners for 4,400 pieces of art and artifacts including the royal charter that birthed the company in 1670. They are expected to be sold through an auction run by Heffel Gallery. This report by The Canadian Press was first published May 15, 2025. Companies in this story: (TSX:CTC.A) 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
