The Bay May Live On Through Canadian Tire

Canadian Tire to buy The Bay's intellectual property for C$30M

Hudson's Bay isn't dead yet.

Canadian Tire is paying C$30 million to take over Hudson's Bay's intellectual property, including the iconic four tripes motif, and the retailer's coat of arms symbol.

While the deal needs court approval, it's a positive sign the department store will continue to live on through another Canadian brand.

The Bay's IP includes iconic HBC Stripes

"Some things are just meant to stay Canadian and we are honoured to welcome many of HBC's leading brands -- including the iconic HBC coat of arms and the Stripes -- into our Canadian Tire family," said Greg Hicks, Canadian Tire CEO and president in a statement.

"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."

Some shoppers eyeing deals, were visiting the department store a few times to pick up bed linens that were going for 50 percent off in recent days.

In March the 355-year-old retailer was granted creditor protection, and began selling its assets; according to court documents, there are 12 bids for 39 of its stores.

It is believed one of the bids may be from Liu Weihong, a billionaire who owns three shopping centres in British Columbia.

Back in April, on Xiaohongshu, Liu posted several videos saying she wants to "restore The Bay to its former glory."

Who will snap up the Granville department store

"Knowing that The Bay, this national brand that carries Canada's history, will collapse, I can't stand by and watch, you must do your best to do something, to save it, to let the Canadian spirit continue," she said in Mandarin. "Let the young generation in Canada fall in love with The Bay again."

But that might be difficult for her to revive The Bay now that Canadian Tire has bought the Canadian retailer's intellectual property.

Apparently Liu had also talked about buying up several department stores in British Columbia, Alberta and Ontario, and then splitting up the spaces into mini shopping malls, similar to ones in China. However, that's what The Bay had tried to do, giving brands an opportunity to set up their own boutiques within the department store.

That did not work for The Bay, and besides, people's shopping habits have changed that most people don't shop in physical stores much anymore. You can thank the internet and Covid-19 for that.

In the meantime shoppers have until June 1 to snap up whatever else they may want to buy at The Bay. When I was there last month, there was tons of merchandise still on the racks...