TORONTO — Hudson's Bay is expected to return to court today to seek approval for a 30-million dollar deal it signed with Canadian Tire.
If approved, Canadian Tire will buy the rights to Hudson's Bay's intellectual property, which includes its name, its coat of arms and its iconic stripes.
Court documents also show the deal includes the Bay's Distinctly Home brand, its Hudson North apparel line and trademarks like "Bay Days" and the Zellers catchphrase "lowest price is the law."
Aside from the Canadian Tire deal, the court will also hear a motion from RioCan Real Estate Investment Trust, which has a joint venture spanning 12 properties with the Bay.
To protect its stakeholders and maximize the value it can recover from the Bay's demise, RioCan wants to put the venture into receivership, which would allow a third-party to take control and liquidate assets.
A third motion will ask the court to recognize the Bay as the former employer of all the department store's workers who have been terminated, so they can recoup some of the money they lost under a federal wage protection program.