05-09-2011, 09:29 AM
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#1
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Franchise Player
Join Date: Oct 2001
Location: Behind Nikkor Glass
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Canadian Tire to buy Forzani Group
Quote:
Canadian Tire Corp. Ltd. said Monday it is buying sporting goods retailer Forzani Group Ltd. for $26.50 a share in cash.
The deal is worth $771 million, excluding Forzani debt and the 1.3 million shares or four per cent of the company that Canadian Tire already owns.
Calgary-based Forzani Group has more than 500 retail outlets, including under the Sport Chek and Sports Experts banners. The company has annual revenue of roughly $1.4 billion.
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http://www.cbc.ca/news/business/stor...ani-group.html
This had been rumored for a few years now, looks like it's finally about to happen.
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05-09-2011, 10:09 AM
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#2
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Franchise Player
Join Date: Aug 2005
Location: Calgary
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Seems like an odd purchase for Canadian Tire. Almost seems as if the Executive Group bowed to pressure to do something just for the sake of growth.
__________________
MYK - Supports Arizona to democtratically pass laws for the state of Arizona
Rudy was the only hope in 08
2011 Election: Cons 40% - Nanos 38% Ekos 34%
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05-09-2011, 10:42 AM
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#3
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Pants Tent
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They have almost no competition in sporting goods now. It's like Chapters/Indigo/Coles is for books, except with books, at least it's more practical to buy online. This is not good.
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KIPPER IS KING
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05-09-2011, 10:46 AM
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#4
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Franchise Player
Join Date: Aug 2004
Location: Calgary
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Not good. I wonder if they'll start staffing Hockey Experts with the same level of ######s that work in the CT garage...
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05-09-2011, 10:46 AM
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#5
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First Line Centre
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wasn't crappy tire in bad debt a few years ago?
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05-09-2011, 10:53 AM
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#6
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Powerplay Quarterback
Join Date: Feb 2008
Location: Calgary AB
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I am fine with it as long as these two don't come back.
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05-09-2011, 11:01 AM
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#7
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Scoring Winger
Join Date: Mar 2010
Location: Cowtown
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Quite the shock around the office right now, but overall I can't see a huge shakeup coming. Although there is some overlap between what Sport Chek and Canadian Tire sell, there is a lot of variation as well. The hockey equipment that Canadian Tire carries for example is a lot more entry level product as opposed to the higher end gear carried at Chek.
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05-09-2011, 11:08 AM
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#8
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Franchise Player
Join Date: Mar 2009
Location: Calgary
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For the regular consumer there won't be a perceivable difference in the day-to-day operation of Sport Chek or any other Forzani's subsidiary. It will be business as usual, no different than Mark's after CT acquired them back in 2001.
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05-09-2011, 11:15 AM
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#9
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Powerplay Quarterback
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Will the competition bureau allow this? Seems like a virtual monopoly on sporting goods.
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05-09-2011, 11:20 AM
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#10
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RANDOM USER TITLE CHANGE
Join Date: Jan 2010
Location: South Calgary
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The real question is, can I start to use Cdn Tire money at SportChek?
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The Following User Says Thank You to Frank MetaMusil For This Useful Post:
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05-09-2011, 11:23 AM
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#11
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Scoring Winger
Join Date: Mar 2010
Location: Cowtown
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Quote:
Originally Posted by Frank MetaMusil
The real question is, can I start to use Cdn Tire money at SportChek?
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I've heard this joke so many times this morning it's starting to drive me crazy. And no, you can't.
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05-09-2011, 11:23 AM
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#12
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Franchise Player
Join Date: Feb 2006
Location: Calgary
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Wow, too bad I don't own any FGL stock. It shot up 50 percent after the announcement.
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05-09-2011, 11:23 AM
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#13
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Scoring Winger
Join Date: Mar 2010
Location: Cowtown
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Quote:
Originally Posted by The Yen Man
Wow, too bad I don't own any FGL stock. It shot up 50 percent after the announcement.
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You should see how much the CEO made....
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05-09-2011, 11:24 AM
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#14
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RANDOM USER TITLE CHANGE
Join Date: Jan 2010
Location: South Calgary
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Quote:
Originally Posted by iggyformayor
I've heard this joke so many times this morning it's starting to drive me crazy. And no, you can't.
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Damn, I've been saving it for a couple years now. Sorry for the joke, I honestly didn't know.
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05-09-2011, 11:26 AM
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#15
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Scoring Winger
Join Date: Mar 2010
Location: Cowtown
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Quote:
Originally Posted by Frank MetaMusil
Damn, I've been saving it for a couple years now. Sorry for the joke, I honestly didn't know.
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Haha, no reason to apologize. It's been quite the morning to say the least. This is not what I expected to wake up to at 6AM.
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05-09-2011, 11:27 AM
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#16
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Powerplay Quarterback
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Ahhh does this mean that friends and family of employees are going to lose the discount?
Man might have just ruined my day!
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05-09-2011, 11:57 AM
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#17
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Franchise Player
Join Date: Feb 2006
Location: Calgary
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It's a little sad that Calgary just lost a company to Toronto, but that's business I guess. I hope they keep the Forzani brand name for it's charitable works and it's Mother's Day run, although my guess is Can Tire will probably rename those to some sort of Canadian Tire Foundation or something.
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05-09-2011, 11:58 AM
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#18
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Playboy Mansion Poolboy
Join Date: Apr 2004
Location: Close enough to make a beer run during a TV timeout
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I'm just looking forward to more cross promotions. Nice to be able to get coupons for CT just for stopping into Mark's- especially when they are right next to each other.
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05-09-2011, 12:01 PM
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#19
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Join Date: May 2004
Location: @robdashjamieson
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I know it's been mentioned as a joke in this thread, but it would be great to use CT Money to pay for shoes, or new (higher end) hockey equipment. Just saying.
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05-09-2011, 12:02 PM
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#20
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Franchise Player
Join Date: Mar 2009
Location: Calgary
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Quote:
Originally Posted by The Yen Man
It's a little sad that Calgary just lost a company to Toronto, but that's business I guess. I hope they keep the Forzani brand name for it's charitable works and it's Mother's Day run, although my guess is Can Tire will probably rename those to some sort of Canadian Tire Foundation or something.
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I think you're oversimplifying it a little bit by saying Calgary lost a company to Toronto. Sure they will operate under a common executive structure, but it is not their intention to relocate the Forzani's head office to Toronto. They will still operate with a Calgary head office, just like Mark's.
This may change some time way down the road, but for the time being they will still be a "Calgary company".
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