* Closely held firm has 23 stores across Canada
* Annual revenue about C$95 million
* Company cuts handful of executive positions
Nov 28 Canadian Tire Corp Ltd has
agreed to buy closely held hockey retailer Pro Hockey Life
Sporting Goods Inc for C$85 million ($85 million), and the
company also said on Wednesday it would cut a handful of
Pro Hockey Life has 23 stores in five Canadian provinces,
and annual revenue of about C$95 million, said Canadian Tire, a
Toronto-based diversified retailer.
The deal follows last year's acquisition of Forzani Group
Ltd, now FGL Sports. Pro Hockey Life will join the FGL unit
alongside its existing banners, which include Sport Chek and
The company has long offered sporting goods such as bicycles
and skates alongside house wares and automotive products at its
namesake Canadian Tire stores.
Canadian Tire said the transaction is subject to regulatory
approvals, and expected to close in early 2013.
The company, which is bracing for the arrival of U.S. giant
Target Corp into Canada next year, also announced a
number of executive departures, which it said will reduce the
total number of senior leaders and put "more responsibility on
our strongest, most-proven talent".
Among the departures are Executive Vice-President of
Corporate Development Mike Arnett, Senior Vice-President of
Process Innovation Kristine Freudenthaler, and Angela McMonagle,
head of investor relations.
Glenn Butt, who leads the company's automotive groups, will
become an associate dealer at a company store.
As well, a "small number" of other executives will be
departing, the company said.
"These changes gave the Company an opportunity to further
streamline our structure and reduce costs as we enter one of the
most competitive retail environments in our history," spokesman
Rob Nicol said in an emailed statement.
Canadian Tire shares fell 11 Canadian cents to C$66.90 on
the Toronto Stock Exchange.