Hudson’s Bay selling assets to Canadian Tire for $30 million

What’s going on at Hudson’s Bay?

Hudson’s Bay is planning to sell its intellectual property to Canadian Tire for approximately $30 million.

According to The Canadian Press, the deal — which still needs court approval — includes the company’s iconic, multi-coloured stripes motif, its coat of arms, and other brand trademarks.

The bombshell update comes just weeks after Canada’s oldest retailer began liquidating its six remaining stores.

State of Hudson’s Bay

Hudson’s Bay officially filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in March.

Facing nearly $1 billion in debt, the company has been trying to avoid a total shutdown by restructuring and looking for a potential buyer.

However, it wasn’t able to secure the financing needed to move forward with that plan.

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