Canadian tire Corp’s historical purchase. Ltd. Hudson’s Bay The marks will go after a judge of Ontario granted permission of the agreement.
By approving the agreement of $ 30 million on Tuesday, judge Peter Osborne described it as “best result”, given the recent descent of the 355 -year -old company.
The agreement will give Canadian tire rights on the name of the bay, its coat of arms and its emblematic scratches.
Documents have also shown that the agreement includes the distinctly brand brand, its Hudson North Apparel range, trademarks like “Bay Days” and the Zellers slogan “The lowest price is the law”, as well as a license contract with the Oregon coverage wool mills.
The sale to the Canadian tire was the most buzzing that Osborne chaired on Tuesday. During the same court hearing, he also approved a request for reception for a joint real estate company, Hudson’s Bay was part and made a statement helping employees receive funding to recover from the collapse of their employer.
The approvals occurred for months after the oldest company in Canada filed a request for the protection of creditors and a few days after closing the 96 stores she led under her bay and saks banners on Sunday.
Osborne called the weekend closures “an important, although unhappy” stage which is equivalent to “the end of an era”.
Hudson’s Bay said the sale and closings were necessary because the 355 -year -old company was unable to attract an investor to maintain a semblance of the current company.
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Canadian Tire, who also owns Sportchek, Party City, Mark’s and Pro Hockey Life, ended up being the winner of the Baie Commerce after the company in difficulty and its advisers invited 407 people and businesses to bid on intellectual property and other assets.
Ashley Taylor, lawyer of Hudson’s Bay, told Osborne that 17 offers had been received. Thirteen were for intellectual property, but the Canadian shoot was superior, he said.
“The Canadian Tire Transaction is the highest and the best offer resulting from a competitive process,” said Taylor.
This gave the Canadian tire with precision, the edge is contained in a document that Taylor asked the court to seal because it contains commercially sensitive information, including the amounts offered by the next tenderers.
Osborne granted the request, after Taylor and other lawyers clarify two brands contained in a 350 -page document describing the intellectual property that the Canadian tire will have.
The two brands are “Hudson’s Bay Royal Charter” and “Royal Charter” – references to the 1670 document which established the bay and should finally strike the auction block.
Since the intellectual property of the agreement with the Canadian tire does not contain the real charter, Osborne wanted to ensure that anyone who buys the document will be able to qualify the artifact as “the royal charter”.
Taylor has confirmed that the term “Hudson’s Bay Royal Charter” can only be used by whiskey, and “Royal Charter” can only be used in the sale of coffee, brandy or whiskey.
The Canadian tire agreement is the first of several Taylor should ask a court to approve.
He said Hudson’s Bay will finally return to court to obtain the approval of the owner of the Ruby Liu shopping center to take over up to 28 bays from the bay to develop a new department store. This agreement needs the support of the owners.
He also laid down that two other transactions concerning some of the other properties used by the bay will be announced soon.
The Canadian tire agreement was discussed during an audience that lasted several questions, including a joint real estate company that the Bay has with Riocan Real Estate Investment Trust.
The company has leases for 12 properties used by the department store, but Riocan wanted to put the partnership in the reception to protect its stakeholders and maximize the value it can recover.
Reception is a process allowing a third party to take control of the assets of a company, to supervise its liquidation and to reimburse the creditors.
Joseph Pasquariello, Riocan lawyer, wanted FTI Consulting Canada to the receiver because the “dollars of his client are at stake” and he wants timely solutions.
Osborne approved the request for Pasquariello, saying it was “fair and practical”.
Osborne also recognized Hudson’s Bay as the former employer of all the workers of the department store who were dismissed.
The declaration allows the 9,364 employees of Bay, including more than 8,300 who have already lost their jobs, to recover money which could be due to the retailer under the law on the wage protection program.
People who qualify as part of the federal program can earn up to $ 8,844.22 this year.
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