Canadian Tire just announced that they will be purchasing Party City’s Canadian business for $174.4 million (including about $40 million in inventory).
Recently, Party City expressed that they will shut down. They are a main, one-quit shopping goal for party supplies and a specialist in occasional and small scale regular celebrations. They have 65 Canadian retail stores across seven provinces.
After the buy, Canadian Tire will turn into the gathering supply goal as Party City’s item arrangements will be made accessible broadly crosswise over 500 Canadian Tire Retail stores and online at Canadiantire.ca. Canadian Tire will extend Party City’s independent store system and construct store available, pop-ups and “in-line” paths crosswise over Canadian Tire Retail stores.
Individuals can now likewise acquire Triangle Rewards when they purchase gathering supplies.
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“We accept the Party City-Canadian Tire association will drive more outings, improve our ideas in smaller scale seasons, reinforce our association with twenty to thirty-year-olds and Canadian families and grow the intrigue of Triangle Rewards,” said Canadian Tire Corporation’s EVP of Retail Allan MacDonald.
Canadian Tire states that their unmatched retail capacities and extensive store network position it to double Party City’s Canadian retail sales to $280 million by 2021.
“Canadian Tire retail has an unbeatable store network, retailing capabilities, and customer loyalty. These assets, combined with our wholesale supply agreement, positions them well to grow the Party City brand in Canada,” said Party City Holdco Inc.’s Chief Executive Officer Jim Harrison.
Canadian Tire has agreed to purchase Party City’s brand, store network, and employee base, leaseholds and fixed assets in Canada for $174.4 million. The acquisition is expected to close in the third quarter of 2019.
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