Latest news with #Hudson'sBayCo
Calgary Herald
16-05-2025
- Business
- Calgary Herald
Canadian Tire buying Hudson's Bay stripes and brand name for $30M: 'Meant to stay Canadian'
Hudson's Bay Co. ULC has entered into an agreement to sell its intellectual property, which includes the HBC stripes and other brand labels, to Canadian Tire Corp. for about $30 million, as part of its effort to pay back about $1 billion to its creditors. Article content Article content The deal, which was announced on Thursday evening, has to be approved by an Ontario court and is expected to be completed by summer, HBC said. 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,' Liz Rodbell, HBC's chief executive, said in a statement on Thursday. '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 Article content 'Some things are just meant to stay Canadian,' he said. '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. Ultimately, customers are at the core of all we do.' Article content He said that the Stripes would 'add beautifully' to Canadian Tire's portfolio and that the other brands have long been 'known for their strength' and would be sought after by Canadian Tire's customers. Article content Article content The agreement is part of HBC's efforts to raise enough money to pay back its creditors. Aside from looking to sell its intellectual property, it is also in the process of liquidating all of its stores, monetizing its leases and selling its artifacts, which includes the historical charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670. Article content Article content Canada's oldest department store went to court on March 7 to get an order that would protect it from its creditors as it struggled to pay its dues to landlords, vendors and service providers. It took the step after a landlord locked it out of a store in Sydney, N.S., and a team of bailiffs attempted to seize merchandise from a store in Toronto's Sherway Gardens mall. Article content The move was supposed to provide the company, which struggled to cope with the shift to online shopping, with 'breathing room' as it looked for financing. That plan, however, didn't work out, as trade tensions between the United States and Canada pushed potential financiers to the sidelines, it said.
Yahoo
16-05-2025
- Business
- Yahoo
Canadian Tire buying Hudson's Bay stripes and brand name for $30M: 'Meant to stay Canadian'
Hudson's Bay Co. ULC has entered into an agreement to sell its intellectual property, which includes the HBC stripes and other brand labels, to Canadian Tire Corp. for about $30 million, as part of its effort to pay back about $1 billion to its creditors. The deal, which was announced on Thursday evening, has to be approved by an Ontario court and is expected to be completed by summer, HBC said. 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' Liz Rodbell, HBC's chief executive, said in a statement on Thursday. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' In a separate statement, Canadian Tire CEO Greg Hicks said that the 'choice' to buy HBC's intellectual property was 'strategic' as well as patriotic. 'Some things are just meant to stay Canadian,' he said. '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. Ultimately, customers are at the core of all we do.' He said that the Stripes would 'add beautifully' to Canadian Tire's portfolio and that the other brands have long been 'known for their strength' and would be sought after by Canadian Tire's customers. The agreement is part of HBC's efforts to raise enough money to pay back its creditors. Aside from looking to sell its intellectual property, it is also in the process of liquidating all of its stores, monetizing its leases and selling its artifacts, which includes the historical charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670. Canada's oldest department store went to court on March 7 to get an order that would protect it from its creditors as it struggled to pay its dues to landlords, vendors and service providers. It took the step after a landlord locked it out of a store in Sydney, N.S., and a team of bailiffs attempted to seize merchandise from a store in Toronto's Sherway Gardens mall. The move was supposed to provide the company, which struggled to cope with the shift to online shopping, with 'breathing room' as it looked for financing. That plan, however, didn't work out, as trade tensions between the United States and Canada pushed potential financiers to the sidelines, it said. HBC previously said that it had received bids from 17 parties for either the company's intellectual property. While the company did not state the name of the bidders, Urbana Corp., a Toronto-based investment firm with about $500-million worth of assets, in April said it had placed a bid to purchase HBC's brand name and the Royal Charter. 'Canadian Tire and the Hudson's Bay Company are among the nation's longest-standing companies, with a combined Canadian heritage measured in centuries,' said Hicks. ' 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.' Aside from the IP, Canadian Tire has also bid on a handful of lease locations, the company said. Toronto firm wants to buy Hudson's Bay's brand and charter, but expects tough contest Hudson's Bay to liquidate all remaining stores: court docs 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
13-05-2025
- Business
- Yahoo
Hudson Bay gets court approval to extend creditor protection to July 31
An Ontario court has extended an order that protects Hudson's Bay Co. ULC from its creditors until July 31, giving Canada's oldest department store more time to pay back what it owes. 'The extension to the end of July is appropriate and will certainly be necessary given the steps that remain,' said Judge Peter Osborne, who has been hearing the case at the Ontario Superior Court of Justice in Toronto since March 7. The 355-year-old company first went to court on March 7 to seek protection under the Companies' Creditors Arrangement Act (CCAA). The application was granted by the court that same day, and the stay order was eventually extended till May 15. HBC has been trying to raise money by liquidating its stores, auctioning its artifacts, monetizing its leases and selling its intellectual property (IP) to pay back about $1 billion to its creditors since March. The deadline to bid for the company and its IP ended April 30, and bids for leases had to be made by May 1. HBC received bids from 17 parties for either the company's IP, such as its brand name, or its leases. The company hasn't said who made the bids, but they are currently being reviewed. Deals have to seek court approval by May 30, according to court documents. The extension of the stay period 'is necessary and appropriate' to provide (HBC) 'the ability to complete the liquidation process, lease monetization process and SISP process, to maximize value for the benefit of the applicants and their stakeholders,' a court document filed by HBC's lawyers on May 7 said. Urbana Corp., a Toronto-based investment firm with about $500-million worth of assets, in April said it had placed a bid to purchase HBC's brand name and the Royal Charter, a historical document that gave the company exclusive trading rights over a portion of Canada in 1670. Media reports also suggested Canadian Tire Corp. Ltd. and a Vancouver-based billionaire are potential bidders. The court also approved HBC's request to pay back about $165 million to some of its senior lenders. 'I think that those distributions should be made,' Osborne said. 'They're clearly, obviously sought by those lenders and, in my view, they're beneficial to the estate as well, given the interest that continues to accrue on these not insignificant amounts and that will be reduced by these paydowns.' HBC's lawyer, Ashley Taylor, said he expects the company to return to court in about two weeks' time for the approval of 'one or more transactions.' The company's representatives are having discussions with various parties, including government officials, about the art collection it is trying to sell. Some groups have expressed concerns about the auction since HBC possesses artifacts that represent important milestones in Canadian history, including the Royal Charter. Hudson's Bay has received 'several' bids, but none from insiders, court documents show Howard Levitt: Stiffing employees is a blight on Hudson's Bay legacy Taylor said a large number of parties were given access to the list of artifacts in order to 'see and inspect' them. He also said many of the artifacts had already been donated to the Museum of Manitoba, 'particularly the more cultural, the significant and sensitive artifacts.' • Email: nkarim@
Bloomberg
25-04-2025
- Business
- Bloomberg
North America's Oldest Firm Meets Its End. Some Argue Its Fate Was Avoidable
Hudson's Bay Co. ULC, a company that's so old it once played a central role for goods traders in Britain's North American colonies, is being stripped for parts. The retailer, currently under bankruptcy protection in Canada, had devised a plan to rescue six of its 96 stores from liquidation, including its flagship location in one of the biggest shopping hot spots in downtown Toronto. But that plan has run aground and those locations are now being wound up too, and the company's 17th-century artifacts are being auctioned off.
