Canadian Tire is reportedly among the bidders vying for a piece of the historic Hudson’s Bay Company, as the 355-year-old retailer continues liquidating its stores under creditor protection.
Two sources familiar with the sales process told The Canadian Press that Canadian Tire has submitted a bid for a portion of Hudson’s Bay’s intellectual property, though the iconic Canadian retailer declined to comment when asked directly.
Hudson’s Bay, once a cornerstone of Canadian retail, filed for creditor protection earlier this year and began liquidating its 80 Bay stores and 16 Saks-brand locations, seeking buyers or investors to salvage its assets. The sale process is being overseen by financial adviser Reflect Advisors.
The Bay’s portfolio includes several valuable brand properties, including the Stripes brand, Zellers, GlucksteinHome, Hudson North, and Distinctly Home—intellectual property that could appeal to a wide range of retail players looking to expand or revitalize their offerings.
Other confirmed bidders include Toronto-based Urbana Corp., which has expressed interest in acquiring the intellectual property, and B.C. billionaire Weihong Liu, who has publicly stated her intent to operate select Bay stores under her real estate firm Central Walk, which owns three malls in British Columbia.
“We’re investing to make money, although I think many people in Canada feel we have to stand up for Canada to a greater extent, and this is, I think, part of that,” said Urbana CEO Thomas Caldwell, who has pledged long-term stewardship of any assets his firm acquires. Urbana is also eyeing items from the Bay’s vast art and artifact collection, which will be sold through a separate auction with Heffel Gallery.
Canadian Tire, one of the country’s most recognizable retailers with over 1,700 stores across multiple banners — including SportChek, Mark’s, Party City, and Pro Hockey Life — has recently bolstered its balance sheet through a pending $1.3 billion sale of Helly Hansen to U.S.-based Kontoor Brands, a deal expected to close in Q2 of 2025.
This potential acquisition could allow Canadian Tire to absorb Hudson’s Bay’s brand heritage while avoiding the liabilities of operating physical department store locations. Sources say 18 interested parties submitted letters of intent to acquire 65 of Hudson’s Bay’s store leases, with the deadline for binding lease bids falling on May 1.
Hudson’s Bay spokesperson Tiffany Bourré declined to comment on the identities of the bidders. However, Adam Zalev, managing director at Reflect Advisors, confirmed that multiple offers are under active evaluation, with a “strong mix of recognizable North American businesses and financial groups” in the running.
The potential acquisition of a legacy brand like Hudson’s Bay represents a pivotal moment for Canadian retail. Whether the Bay’s storied name finds new life under Canadian Tire or another bidder remains to be seen — but the competition is heating up.