Canadian Tire purchase
CTC diversifies
Canadian Tire Corporation will purchase the 65-store Canadian chain known as Party City for $174.4 million cash. It is said to be a move to strengthen its connection with young buyers. CTC operates many retail banners including Canadian Tire, SportChek, Mark’s and Helly Hansen. It called the party goods business a “high-margin retail category”. Canadian Tire estimates that it will be able to double Party City’s annual sales in Canada to $280 million by 2021.
