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CTV News
03-06-2025
- Business
- CTV News
Court approves sale of Hudson's Bay trademarks to Canadian Tire
This composite image shows signage of Canadian Tire, left, and the Bay. THE CANADIAN PRESS/Sean Kilpatrick, Pawel Dwulit Canadian Tire Corp. Ltd.'s historic purchase of Hudson's Bay trademarks will go ahead after an Ontario judge granted permission for the deal. Judge Peter Osborne says the $30-million deal was the best possible outcome given the circumstances facing the Bay. The deal will give Canadian Tire rights to the Bay 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 sale to Canadian Tire was the buzziest matter Osborne presided over Tuesday. At the same court hearing, he also approved a receivership application for a joint real estate venture Hudson's Bay was part of and made a declaration helping employees receive funding to recover from the collapse of their employer. The approvals came 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, which also owns SportChek, Party City, Mark's and Pro Hockey Life, wound up being the winner of the Bay's trademarks after the ailing company and its advisers invited 407 people and firms to bid on the intellectual property and other assets. Ashley Taylor, a lawyer for Hudson's Bay, told Osborne that 17 bids were received. Thirteen were for intellectual property but Canadian Tire's was superior, he said. 'The Canadian Tire transaction represents the highest and best process offer resulting from a competitive process,' Taylor said. What precisely gave Canadian Tire the edge is contained in a document Taylor has asked the court to seal because it contains commercially sensitive information, including the amounts offered by the next highest bidders. Osborne granted the request. The Canadian Tire deal is the first of several Taylor is expected to ask a court to approve. 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. The Canadian Tire deal was being discussed at a hearing that spanned several issues, including a joint real estate venture the Bay has with RioCan Real Estate Investment Trust. The venture has leases for 12 properties the department store used, but RioCan wanted 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. Joseph Pasquariello, a lawyer for RioCan, wanted FTI Consulting Canada appointed as the receiver because his client's 'dollars are on the line' and it wants timely solutions. Osborne approved Pasquariello's request, saying it was 'just and convenient.' Osborne also recognized Hudson's Bay as the former employer of all the department store's workers who have been terminated. The declaration allows 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)
Globe and Mail
03-06-2025
- 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.
CTV News
03-06-2025
- Business
- CTV News
Hudson's Bay heads back to court to seek approval for Canadian Tire deal
This composite image shows signage of Canadian Tire, left, and the Bay. THE CANADIAN PRESS/Sean Kilpatrick, Pawel Dwulit 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. Tara Deschamps, The Canadian Press
Yahoo
03-06-2025
- Business
- Yahoo
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) Tara Deschamps, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
27-05-2025
- Business
- Epoch Times
Court Docs Offer Peek at Trove of Hudson's Bay Trademarks Canadian Tire Would Now Own
The Hudson's Bay trademarks Canadian Tire hopes to acquire span well beyond the retailer's name, coat of arms and iconic stripes, new court documents show. If the companies get court approval for the $30 million deal they recently brokered, filings made late Monday show Canadian Tire will own some of the country's oldest logos, its most memorable catchphrases and nods to parts of the Bay business that are now long gone. Included in the 350-page trove of trademarks are rights to the retailer's original name: the Governor and Company of Adventurers of England Trading into Hudson's Bay. When the it operated under that name, it was given a coat of arms made up of four beavers, two elks and a fox along with the motto 'pro pelle cutem,' a Latin phrase meaning roughly, 'a pelt for a skin.' As part of the proposed sale, Canadian Tire will get the rights to the coat along with some more modern vestiges of the 355-year-old brand. For example, the trove includes the rights to 'Bay Days'—the name of the retailer's most famous sales period—along with trademarks for its household goods brands Distinctly Home and its apparel brand Hudson North. Related Stories 5/6/2025 5/5/2025 Also in the mix are trademarks for now defunct household goods retailer Home Outfitters, the Bay's famed luxury business The Room, its Toronto event facility Arcadian Court and private labels Nordic Fleece, Beaumark Appliances and Black Brown 1826. Then, there are the taglines. Canadian Tire will own the Zellers 'Lowest price is the law' slogan, as well as 'Shopping is good,' 'More than you came for,' 'Everything under the sun' and 'Bring it home.' There are also many trademarks like 'Official store of Christmas,' 'Christmas street' and 'the official Christmas book of gift ideas,' which were likely used to markets its holiday window displays and catalogues. Hearkening back to its days running department store photo studios are rights to phrases like 'Canada's cutest baby,' 'the official photographer of growing up' and 'the official photographer of winning smiles.' Rounding out the group are trademarks like '1st Auto,' 'Bay Optical,' 'Bay Flowers,' and 'Pharmamart,' which alludes to other lines of business that the Bay has largely decamped. Court filings say Hudson's Bay will ask a court to approve the sale of such trademarks on June 3 as part of the main transaction. It is also expected to ask for a document describing why it chose Canadian Tire over 16 other bidders to be sealed because it contains commercially sensitive information.
