NEWS PHOTO COLLIN GALLANT The Giant Tiger chain of stores is being sold by its parent company to an independent company that plans to continue operating most of the 48 stores across Canada.
The owners of a national discount retailer that operates in Medicine Hat will divide the network of Giant Tiger in a strategy to boost profits in the chain.
The North West Company has operated the brand for 20 years among other interests in retail merchandising across Canada, the north, Alaska and the Caribbean.
On Thursday it announced that 36 of the 46 Giant Tigers locations have been sold for $45 million to a group called “Giant Tiger Stores Limited.”
It will keep five in northern Canada, changeover one to an alternate brand and close six. Specific locations were not noted, but more information could be made available Friday as the company discusses fourth quarter results.
North West president Edward Kennedy said the transaction and a continuing retail relationship with the Giant Tiger stores will help boost results for both.
Our 20-year relationship with GTSL has been a very important one and this new agreement creates the conditions for mutual success going forward, said Kennedy in a release detailing fourth quarter results and cost savings measures. We recognize that GTSLs proven capability as a leading Canadian-owned discount retailer, including their ability to successfully franchise stores, will enable these locations to reach their full performance potential.”
