Hudson Bay Company sells brand to Canadian Tire amid bankruptcy

In Canada, the Hudson Bay Company (HBC), which is recognized as the country's oldest corporation, faced significant challenges and ultimately applied for creditor protection. The company announced its intention to sell its intellectual property, including well-known in-house brands like Gluckstein and Distinctly Home, to Canadian Tire for a total of C$30 million. This decision came after HBC liquidated all of its physical stores due to a rapidly changing retail environment exacerbated by the COVID-19 pandemic and import tariffs imposed by the United States. The decision sparked interest and demand for Hudson's signature striped products, particularly the iconic wool point blankets. As the brand prepared for its impending closure, its products began selling for substantial amounts on online platforms such as eBay, highlighting a surge of interest in the brand despite its challenges. The sale to Canadian Tire, another major retailer with a substantial footprint in Canada through over 1,700 stores selling various goods, now ensures that the legacy of HBC will continue in some form, even without the physical department stores that were integral to its 350-year history. This transaction represents a significant moment in Canadian retail, as it allows Canadian Tire to integrate a historically rich brand into its offerings while providing HBC a pathway to potentially revitalize its presence in the market. As the landscape of retail continues to shift dramatically, the fate of iconic brands like Hudson's rests on adaptations and strategic partnerships such as this one.