Canadian Tire Corp. Ltd. has launched a $2 billion, four-year strategy aimed at revitalizing the company for growth, a move that includes closing select Atmosphere stores amid pressures from new U.S. tariffs on Canadian and Chinese goods. Dubbed the “True North” plan and introduced on Thursday, the initiative seeks to transform the Toronto-based retailer—parent to SportChek, Party City, Mark’s, and Pro Hockey Life—by transitioning from a holding company structure to a more streamlined organization. The company aims to consolidate systems and data across its brands to enhance agility and efficiency.
CEO Greg Hicks outlined the shift as a means to eliminate operational silos and reduce redundant back-office expenses, stating that it will enable Canadian Tire to operate more effectively and leverage its banners and loyalty program strategically. While the company declined an interview, it confirmed the closure of 17 underperforming Atmosphere stores, with 14 to be integrated into SportChek locations throughout 2025. Spokesperson Joscelyn Dosanjh noted efforts to reassign affected Western Canada employees to other roles as closures unfold over the next four months, though specifics on job impacts remain undisclosed.
The restructuring extends beyond store adjustments, with plans to refine the SportChek portfolio through new concept stores, expand the Triangle loyalty program with additional partners, and boost Triangle Mastercard adoption. Canadian Tire also intends to double its share repurchase program to $400 million. A revamped leadership team will steer the effort, with Susan O’Brien transitioning to chief transformation officer and TJ Flood appointed chief operating officer, while a search begins for a new chief commercial officer. Analysts, including RBC Capital Markets’ Irene Nattel, view the strategy as a pragmatic step toward stronger customer ties and profitability, bolstered by recent moves like the $1.3 billion sale of Helly Hansen.