Canadian Tire reportedly made a bid for Hudson’s Bay’s intellectual property
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.
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