Your dad’s favourite store (and the place Justin Trudeau wanders around to feel normal) is looking to scoop up the scraps of Canada’s oldest company.
What happened: Canadian Tire has reportedly made a bid for Hudson’s Bay's intellectual property. The retailer joins a list of suitors, including Toronto investment firm Urbana and billionaire B.C. mall owner Weihong Liu, all vying for parts of the now-bankrupt chain.
- It’s unclear if Canadian Tire is also in the market for any of the Bay’s retail locations, but the company will have some extra cash to spend after its $1.3 billion sale of the Helly Hansen brand is finalized.
- Weihong Liu, who owns three shopping centres in B.C., has already placed a bid to buy 25 of the Bay’s currently shuttered stores.
Why it matters: The version of the Bay that we all know might be gone, but given the interest that major players like Canadian Tire have in its IP, parts of the retailer — like its iconic Stripes brand — are likely to live on.
- Some retail experts believe Canadian Tire could use the Bay’s patented stripes to develop its own in-store product line.
What’s next: If Hudson’s Bay gets several offers for its stores and IP — which appears likely at this point — an auction would take place in about two weeks.—LA