Trademark selling the court of court OKS Hudson, like reputed strips, Canadian tire
Hudson’s Bay Company will remain in some fashion, and in what form it will take it will be completely Canadian tires.
On Tuesday, the Belgaum Department Store received a court approval to sell its intellectual property, which included its iconic multicolored straps, the Canadian tire was included in $ 30 million.
The bankrupt Hudson’s Bay Company will use cash to pay some of its loans before the 355 -year -old retailer disappears completely. On Sunday, the company wrapped the sale of liquidation and closed its remaining 96 bays and Sachs-branded stores to the public.
As part of a $ 30 million deal, Canadian tires will not only owe Hudson’s bay strips, but also its company name and other trademarks, such as its historic coat of arms symbols.
The Big Box Retailer will also get all the customer data of Bay, including personal information and domain names for their websites, by court documents.
The deal excludes the art, artifacts and archives of the storage company, as well as any of its over 9,000 employees, most of which have already been closed.
By 1 June, 8,300 employees will be closed. Once the company’s distribution center is closed on June 15, additional 899 employees will also be allowed to go.
In March, the debtor HBC was given a creditor protection by the Ontario Superior Court, putting his property for sale. Seventeen parties presented dialects for the intellectual property of the retailer.
“Canadian tire transactions, among other things, provide for the highest purchase value of any bid … and therefore provides the largest value,” a court document filed on May 29.
Canadian tires, which have more than 1,700 retail places across the country, say that it has also presented a bid for the “handful of” of Hudson’s lease places. According to court records, HBC has received 12 bids for its 39 leases.
Last month, Hudson’s Gulf announced that it reached a deal to sell 28 lease places at Ruby Liu Commercial Investment Corp at Ontario, Alberta and British Columbia. The company is indirectly controlled by BC Mall owner Ruby Liu.
Liu plans to launch “a new modern department store concept in Canada”, Hudson’s Gulf said in a statement,
The retailer said the deal still requires approval from both court and zamindars, which are controlling 28 leases. “There may be no assurance that the terms of closing will be satisfied,” HBC said.
