Latest news with #Zellers
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Hudson's Bay back in court to seek approval for Canadian Tire deal
TORONTO - Hudson's Bay returned 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, trademarks like 'Bay Days' and the Zellers catchphrase 'lowest price is the law' as well as a contract with Pendleton Woolen Mills, an Oregon-based blanket and clothing maker. 'The Canadian Tire transaction represents the highest and best process offer resulting from a competitive process,' Hudson's Bay lawyer Ashley Taylor said Tuesday, when asking Judge Peter Osborne to approve the deal. 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. Osborne called the weekend closures 'a milestone, albeit an unhappy one' that amounts to 'the end of an era.' 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. Taylor asked for a document describing why Hudson's Bay chose Canadian Tire to be sealed because it contains commercially sensitive information, including the amounts offered by the next highest bidders. He said Hudson's Bay will eventually return to court to get approval for B.C. mall owner Ruby Liu to take over up to 28 Bay leases to develop a new department store. That deal needs the support of landlords. He also teased that two other deals concerning some of the other properties the Bay used will be announced soon. Taylor's remarks opened a hearing that is also supposed to deal with a request 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)
Toronto Sun
3 days ago
- Business
- Toronto Sun
Hudson's Bay back in court to seek approval for Canadian Tire deal
Published Jun 03, 2025 • 2 minute read Store closing signage at the Hudson's Bay Company flagship store at Queen and Yonge Sts. in Toronto on May 28, 2025. HBC is closing all stores on June 1. Photo by CYNTHIA MCLEOD / TORONTO SUN TORONTO — Hudson's Bay returned to court Tuesday morning to seek approval for a $30-million deal it signed with Canadian Tire Corp. Ltd. 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. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. 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 Don't have an account? Create Account 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, trademarks like 'Bay Days' and the Zellers catchphrase 'lowest price is the law' as well as a contract with Pendleton Woolen Mills, an Oregon-based blanket and clothing maker. 'The Canadian Tire transaction represents the highest and best process offer resulting from a competitive process,' Hudson's Bay lawyer Ashley Taylor said Tuesday, when asking Judge Peter Osborne to approve the deal. 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. Your noon-hour look at what's happening in Toronto and beyond. 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. Osborne called the weekend closures 'a milestone, albeit an unhappy one' that amounts to 'the end of an era.' 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. Taylor asked for a document describing why Hudson's Bay chose Canadian Tire to be sealed because it contains commercially sensitive information, including the amounts offered by the next highest bidders. This advertisement has not loaded yet, but your article continues below. He said Hudson's Bay will eventually return to court to get approval for B.C. mall owner Ruby Liu to take over up to 28 Bay leases to develop a new department store. That deal needs the support of landlords. He also teased that two other deals concerning some of the other properties the Bay used will be announced soon. Taylor's remarks opened a hearing that is also supposed to deal with a request 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. Read More 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. Columnists Canada Sunshine Girls Olympics Technology
Globe and Mail
3 days ago
- Business
- Globe and Mail
Hudson's Bay seeks court approval for $30-million Canadian Tire deal
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. CTC-A-T 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.' Inside the final days of Hudson's Bay Hudson's Bay demise leaves large swaths of empty retail space in its wake 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 licence 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 REI-UN-T, 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.
Global News
3 days ago
- Business
- Global News
Hudson's Bay to ask for court approval of Canadian Tire deal
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. Story continues below advertisement 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. 2:38 Last days of Vancouver's flagship Hudson's Bay store 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. 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 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. Story continues below advertisement 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. 1:32 Hudson's Bay to sell its brands to Canadian Tire in $30M deal 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. Story continues below advertisement People who qualify under the federal program can earn up to $8,844.22 this year.
Hamilton Spectator
3 days 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)
