Canadian Tire has sold its sportswear brand, Helly Hansen, to American clothing company Kontoor Brands (Kontoor) for approximately $1.3 billion.
“As we shift from brand owner to brand customer, we expect Helly Hansen’s world-class products to remain on our shelves and on the shopping lists of our customers,” Greg Hicks, CEO of Canadian Tire, said back in February.
“We are excited to see where Kontoor takes the brand next.”
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The update comes just days after an Ontario judge gave the retailer approval to acquire the intellectual property of Hudson’s Bay for $30 million.
As Helly Hansen comes under US ownership, here are a few things that non-unionized employees in Canada need to be aware of.
In Canada, the “seller” of the business is responsible for providing proper compensation to staff who lose their job.
If you receive a new employment contract from Kontoor following the acquisition, and you have a good reason for why you don’t want to accept it (i.e. different hours or pay), contact an experienced employment lawyer at Samfiru Tumarkin LLP. We’ll help you secure the severance pay you’re entitled to.
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