Canadian tire to seize the enduring stripes of Hudson’s bay, brand
Shopkeepers, who are stocked on other items adorned with Hudson’s bail blankets or other items adorned with the stripes of the iconic retailer, hope that they will become the items of the collector, may be for disappointment. On Thursday, the Canadian tire announced that it would pay $ 30 million to handle Hudson’s Bay’s intellectual property, including its famous four strips motif, various company names, logo and retailer coat of arms symbols.
The deal still needs the approval of the court.
In March, the bay company of the debtor Hudson was given the creditor protection and it was kept assets for sale. The 355-year-old retailer plans to shut down his 80 Gulf and 16 Sax-branded stores next month. Canadian tires, which have 1,700 retail places across the country, were established in 1922.
Greg Hix, CEO and Chairman of Canadian tire, said, “Some things are just to stay canady and we are honored for welcoming many major brands of HBC – including the prestigious HBC Coat of Arms and the Strips – in our Canadian tire family.” In a statement,
“This is disappointing to see another great Canadian retailer’s last days, and while the circumstances are unfortunate, we are proud to move steps for customers.”
Although Hudson’s Gulf has become a symbol of Canada, the department store chain has been in American ownership since 2006.
The future of an unruly retailer is not yet known; According to court documents, 12 bids have been found for its 39 stores.
The sale of liquidation at all Hudson’s bay stores is expected to air till 1 June.
After trying to release them from liquidation, Hudson’s Gulf is cleaning goods from its six remaining places, including its city Toronto Flagship store.
