The American takeover of Canada’s oldest retailer should not jeopardize the $100 million Olympic deal with the Vancouver Organizing Committee.
In response to questions about Jerry Zucker’s takeover of the Hudson’s Bay Company, VANOC issued this statement via email this week:
"I can advise that the bid from Mr. Zucker for Hbc included full support for the agreement between the Hbc and VANOC," said spokesperson Renée Smith-Valade. "We are looking forward to working in partnership with the new ownership of the company."
That eight-year partnership was formed less than a year ago after The Bay beat out Roots Canada as official Olympic clothing supplier.
In the $100 million deal The Bay was named as the official clothing and luggage supplier to the Canadian Olympic Teams for the 2008, 2010 and the 2012 Olympic Games. The company was also awarded the contract for the 2006 Torino Games and Olympic logo wear is now on sale throughout the country.
The deal also recognizes The Bay as the exclusive and official Olympic department store and merchandise retail partner in Canada until 2012.
In a March 2005 news release announcing the partnership VANOC CEO John Furlong said: "The Vancouver 2010 Games are Canada’s Games and we’re proud to be working with a retailer that has helped shape the history of Canada."
The Bay was established in 1670, Canada’s oldest corporation. It is the country’s largest department store retailer.
American billionaire Jerry Zucker, under his company Maple Leaf Holdings, made an offer that was endorsed by The Bay’s board this week. Zucker already owns 18.8 per cent of the company’s shares.
The takeover offer expires Feb. 24.
