By Kelly Cloonan

Canadian Tire has entered into a definitive agreement to acquire brand assets and intellectual property from Canadian department store chain Hudson's Bay for 30 million Canadian dollars ($21.5 million).

The Toronto company said Thursday the purchase includes the HBC Stripes and company names, logos, designs, coat of arms and brand trademarks.

Canadian Tire expects the deal to close later this summer.

Separately, the company has bid for a handful of lease locations, it said.

Canadian Tire Chief Executive Greg Hicks said the purchase builds on its generational connection to life in Canada.

"Some things are just meant to stay Canadian and we are honored 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.

The Stripes adds to the company's portfolio of owned Canadian brands, and its customers will seek The Bay and its brands in stores and online, according to Hicks.

"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," he said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

May 15, 2025 17:34 ET (21:34 GMT)

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