Canadian Tire is bidding on Hudson's Bay assets, according to sources

Tara Deschamps · The Canadian Press

· Posted: May 01, 2025 11:28 AM EDT | Last Updated: 12 minutes ago

Beleaguered retailer Hudson's Bay has attracted a bid from Canadian Tire, 2 sources acquainted with the income process say.

The sources, who are not being named due to the fact that they were not authorized to talk astir the matter, accidental the household goods concatenation has made a bid for immoderate of the faltering section store's intelligence property.

Asked whether the institution is making a bid, Canadian Tire did not supply a comment.

Anyone funny successful owning Hudson's Bay assets had until 5 p.m. connected Wednesday to marque a ceremonial bid arsenic portion of the retailer's creditor extortion tribunal case.

Toronto concern manager Urbana Corp. has made a bid for the company's intelligence property, portion billionaire B.C. promenade proprietor Weihong Liu has said she would marque a transportation to tally immoderate Bay stores. Liu told the Toronto Star yesterday she had bid connected 25 locations.

The 355-year-old section store's assets deed the income artifact aft Hudson's Bay filed for creditor extortion earlier this year. It began liquidating its 80 Bay stores and 16 it ran nether the Saks brands portion it hunted for buyers oregon investors who would support the institution alive.

The institution has a wealthiness of intelligence spot including rights to its famed Stripes brand, discount concatenation Zellers, housewares marque Gluckstein, apparel enactment Hudson North and its Distinctly Home furniture and bath products.

WATCH | This pistillate has been collecting Hudson's Bay items for a decade: 

Hudson's Bay spokesperson Tiffany Bourré declined to remark connected immoderate imaginable bidders.

Adam Zalev, managing manager astatine Bay fiscal advisor Reflect Advisors, said aggregate bids person been made for the
company's assets and are present being evaluated.

A root with cognition of the process, who was not authorized to talk connected the matter, said that a beardown premix of recognizable North American businesses, unneurotic with fiscal partners, person expressed interest.

Canadian Tire, which besides owns SportChek, Party City, Mark's and Pro Hockey Life, fits that description, fixed it was founded successful 1922 and is 1 of Canada's astir iconic retailers with 1,700 stores crossed its banners.

Though it is facing the imaginable of softening user spending, the institution is owed to get a boost to its equilibrium expanse that could assistance money immoderate bid.

It announced earlier successful the twelvemonth that it is selling disconnected sportswear concern Helly Hansen successful an astir $1.3 cardinal woody to Kontoor Brands, the U.S. proprietor of covering brands Wrangler, Lee and Rock & Republic. That woody was expected to adjacent successful the 2nd 4th of this year.

Canadian Tire volition person contention from Toronto concern manager Urbana Corp., which wants the Bay's intelligence property, though not its stores.

"Obviously we're investing to marque money, though I deliberation galore radical successful Canada consciousness that we person to basal up for Canada to a greater extent, and this is, I think, portion of that," said CEO Thomas Caldwell, who was erstwhile president of the Canadian Securities Exchange.

He said his institution does not mean to flip immoderate assets it is capable to acquisition and volition frankincense clasp them for the agelong term.

WATCH | How the Bay got to this point: 

Urbana wants to bid connected the charter done a abstracted auction the retailer volition program to tally with Heffel Gallery to offload thousands of creation items and artifacts.

Liu, who owns 3 B.C. buying centres done concern steadfast Central Walk, has said connected societal media that she wants to acquisition stores to "restore The Bay to its glory."

Today is the past time anyone who wants to instrumentality connected the Bay's leases has to marque a binding bid.

An April 22 tribunal filing revealed 18 unnamed parties had submitted letters of intent expressing involvement successful a full of 65 leases.

The filing said immoderate of the bidders were besides apt to instrumentality portion successful the merchantability process for the Bay's different assets.