Canadian Tire to acquire 10 Bed Bath & Beyond leases for $1.6 million
TORONTO — Canadian Tire Corp. Ltd. says it's acquiring 10 former Bed Bath & Beyond leases to expand its Mark's and Pro Hockey Life banners.
The Toronto-based retailer says it's taking on the leases for a final purchase price of $1.6 million.
Six of the leases will be for relocations of clothing in Alberta, British Columbia and Ontario, while the other four will be new Pro Hockey Life stores in Ontario.
Canadian Tire says the 10 leases combined make up more than 242,000 square feet of retail space.
Bed Bath & Beyond's Canadian arm was granted an initial order for creditor protection in February as its U.S. parent company struggled to stay afloat, filing for bankruptcy protection itself just over two months later.
Canadian Tire capped off its centennial year with strong growth in its automotive business, while sales at Mark's also rose.
This report by The Canadian Press was first published May 2, 2023.
Companies in this story: (TSX:CTC)
The Canadian Press