The Canadian Tire Corporation (CTC) will be paying $30 million dollars to buy Hudson Bay Company’s (HBC) assets and intellectual property. This will include their popular branding, stripes, and coat of arms.
CTC announced that they plan to expand and incorporate the HBC brands into their franchise. The brands they will carry in-store include Distinctly Home, Hudson North clothing, and Gluckstein Home.
HBC has been in operation since 1670 — for 355 years. According to the National Geographic, during the colonial era, HBC took advantage of the Indigenous hunters, whom they relied on for beaver pelts.
As one of the last department stores of its time, their closure is both historic and marks an end of an era in Canada.
According to their press release, Greg Hicks, president and CEO of CTC, addressed the unfortunate closures of the department store and how consumers have responded positively to the CTC’s acquisition of company assets and intellectual property.
“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.”
Rachel is working towards a BA with a concentration in English and Theatre. She has been employed at The Cascade since Fall 2021 as a Staff Writer and a Jr. News Editor. Currently, she is the sectional News Editor and enjoys meeting and interviewing people as well as taking long walks in nature. Rachel also likes to stay up to date on the latest trends and informs students through her fashion column entitled Campus Fashion.