Canadian Tire acquires Party City Canadian retail business

Torys acted as counsel to Canadian Tire, working with in-house counsel John Chimienti and Andrew Zed. The Torys team included Richard Willoughby, Josh Lavine, Steven Slavens, Na Fan, Taylor Overing, Mike Meguid and Alison Shamie (corporate/M&A), Richard Johnson (tax), Graham Rawlinson and Nooreen Bhanji (real estate), Ed Fan, Kevin Tuohy and Teresa Reguly (IP), Darryl Hiscocks (employment), Dany Assaf and Zee Derwa (competition).

On October 1, 2019, Canadian Tire Corporation, Limited (CTC) completed its previously announced acquisition of the Canadian retail business of Party City, which included Party City's brand, store network, employee base, leaseholds and fixed assets in Canada for C$174.4 million (including approximately C$40 million in inventory).

Further information on the transaction can be found in CTC's initial announcement.

CTC is a family of businesses that include its retail segment, led by Canadian Tire which provides Canadians with products for life in Canada across its living, playing, fixing, automotive and seasonal & gardening divisions; a financial services division; and CT REIT.

Party City is a leading, one-stop shopping destination for party supplies and an expert in seasonal and micro-seasonal celebrations.