Many Canadians online are praising Canadian Tire, after the company announced it would buy Hudson’s Bay brand trademarks for $30 million, saving the historic retail giant from fading into oblivion.
On Thursday, Canadian Tire announced an agreement with the Bay to buy many of the company’s iconic brands and trademarks, including its names, logos, designs, coat of arms, and the HBC Stripes.
Canadian Tire Corporation President and CEO Greg Hicks addressed the agreement in a statement, acknowledging the company’s intention to save the brand from being completely liquidated or having to leave Canada.
“This choice feels as strategic as it feels patriotic. It builds on our generational connection to life in Canada and it fits our new True North strategy,” he said on Thursday.
“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, and by Canadians’ reaction to recent rumours of this news, it is clear they see us as a great home for HBC’s heritage. We are proud to steward these iconic brands into our – and their – next century.”
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The company expects to close the deal this summer, as the agreement still needs to be approved in court.
But if it does, Hicks says Canadians can expect to find the iconic stripes and other unique Bay brands and products in Canadian Tire’s stores and online portfolio.
“Some things are just meant to stay Canadian and 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,” he said.
Last month, Canadians were saddened to hear that the country’s oldest corporation would be liquidating its six last-standing stores. The decision came after Hudson’s Bay revealed its deep financial issues and failed to get financial support to restructure under the Companies Creditors Arrangement Act (CCAA).
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Canadians online are now very enthusiastic about the possibility of saving some of the brand’s trademarks, including its beloved blankets, and praising Canadian Tire for the decision.
“This pleases me more than I can say. I’m so glad the iconic Hudson’s Bay brand will live on. 🍁🇨🇦🍁” one X user said.
“Great news, I’ve been hoping a Canadian company would save this brand. Congratulations Canadian Tire 👏🏼👏🏼👏🏼,” another user added.
“Huzzah!!! Maybe they will still supply those amazing Hudson’s Bay blankets!!! Thank you Canadian Tire,” a different user chimed in.
“Iconic Canadian brands unite—history saved! 🇨🇦,” a user commented.
Meanwhile, some users also pointed out that the deal seems way too cheap.
“The oldest, most iconic name in Canadian business and its trademarks are only worth $30 million,” a user questioned.
“30 million? That’s cheaper than some houses in Toronto,” another user said.
“It so cheap that I looked this up thinking this was fake news but it’s true, wow. $30 is all they wanted for the rights to use the famous stripes etc. in Hudson Bay’s defense, you could think they gave Canadian Tire a deal so the design would go back to 🇨🇦 hands 😔,” one other user added.
