The intellectual property of the Canadian retailer Hudson’s Bay Company (HBC) was taken over as part of an acquisition for $ 30 million (19.1 million euros).
The Canadian Tire Corporation (CTC) announced that it has reached a final agreement to secure the HBC strips-the strip design typical of HBC-and other company names, logos, designs and trademarks, including the HBC subsidiary The Bay.
CTC assumes that the transaction, which is subject to judicial approval and other usual conditions, can be completed in the course of this summer. The company also confirmed that it “made an offer for a handful of rent locations”.
CTC CEO Greg Hicks said that the decision to acquire the intellectual property of HBC “feels both strategically and patriotic”. The integration of HBC under their roof – under which Helly Hansen, Mark’s and Sport Chek are already – expands the “portfolio of own brands, among other Canadian favorites that we have encouraged and expanded,” added Hicks.
HBC confirmed in March that she applied for bankruptcy protection to react to the growing financial pressure. At the time, it was announced in an explanation that the company worked strategic alternatives and with those involved in order to find potential solutions to maintain the business.
The retail company then initiated a branch -like liquidation process after it had not found enough funds for a restructuring plan. HBC confirmed that from April 25th she will liquidate her remaining branches in Canada.
On this topic, Hicks added: “It is discouraging to experience the last days of another large Canadian retailer, and even if the circumstances are regrettable, we are proud to jump in for the customers.”
This article was used with digital tools translated.
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