Canadian Tire Buys Party City

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Canadian Tire has entered into an agreement to purchase Party City’s Canadian business for $174.4 million, including $40 million in inventory.

Canadian Tire says with this purchase Party City’s exclusive and unique product assortments will be made available nationally across 500 Canadian Tire Retail stores and online.

They also plan to expand Party City’s current 65 standalone store network in Canada, and build store-in-store, pop-ups and “in-line” aisles across their Canadian Tire store network.

“Strengthening our marketplace is at the heart of our growth strategy and we are excited to welcome Party City into the Canadian Tire family of companies. We believe the Party City-Canadian Tire partnership will drive more trips, improve our offers in micro seasons, strengthen our connection with millennials and Canadian families and expand the appeal of Triangle Rewards,” said Allan MacDonald, EVP, Retail, Canadian Tire Corporation. “With our extensive CTR store network, unparalleled retail capabilities and Party City’s unique assortment, we are well-positioned to more than double Party City Canada’s business by 2021.”

The acquisition is expected to close in the third quarter of 2019.