Canadian Tire Corp. (CTC) is buying 10 leases from bankrupt retailer Bed Bath & Beyond (BBBY) for $1.6 million.
Canadian Tire plans to use the leases it acquires from Bed Bath & Beyond to expand its Mark's and Pro Hockey Life store chains.
Six of the leases will be used for relocations of clothing in Alberta, British Columbia and Ontario, while the other four outlets will be used to open new Pro Hockey Life stores within Ontario.
Canadian Tire says the combined leases make up more than 242,000 square feet of retail space.
Bed Bath & Beyond's Canadian unit filed for bankruptcy in February of this year as its U.S. parent company struggled financially, ultimately filing for bankruptcy itself in April.
Canadian Tire’s stock has risen 2% in the last 12 months to $175.63 a share.
Bed Bath & Beyond’s stock has fallen 99% in the past year and currently trades for $0.08 U.S. per share.
