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Canadian Tire Corporation to Acquire Party City's Canadian Business
Canadian Tire Corporation to Acquire Party City's Canadian Business Canada NewsWir...
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[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation to Acquire Party City's Canadian Business\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 8, 2019\n\n\n\nAcquisition makes Canadian Tire Corporation Canada's #1 party supply and celebration destination \n TORONTO, Aug. 8, 2019 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) (CTC) announced today 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.\nStrategic Rationale for Acquisition:\nStrengthens CTC's Marketplace\nCTC will immediately become the #1 party supply destination – a one-stop-shop for all consumers' party and celebration needs; cementing Canadian Tire as \"Canada's Fun Store\" Party City's exclusive and unique product assortments will be made available nationally across 500 Canadian Tire Retail (CTR) stores and online at Canadiantire.ca Adds the leading party supply brand to Triangle Rewards, further expanding and strengthening the program CTC will expand Party City's standalone store network in Canada, and build store-in-store, pop-ups and \"in-line\" aisles across CTRCreates a New Platform for Growth \nAcquiring the leading brand in an underserved, high margin category for CTC With expertise in seasonal and micro-seasonal celebrations, Party City complements CTC's existing family fun categories and its role in preparing Canadians for the Joys of Life in Canada Provides access to Party City's extensive catalogue, including exclusive and proprietary designs and licensed products, such as Disney CTC's unparalleled retail capabilities and extensive store network positions it to double Party City's Canadian retail sales to $280 million by 2021Strengthens Connection with Millennials and Canadian Families\nGains a powerful customer segment with millennials and Canadian fami...