Canadian Tire Corporation announced last week that it has entered into an agreement to purchase Party City’s Canadian business for $174.4 million (including ~$40 million in inventory). Party City is a leading, one-stop shopping destination for party supplies and an expert in seasonal and micro-seasonal celebrations, with 65 Canadian retail stores in seven provinces.
“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.”
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