Earlier in the week, Montreal-based Leyad announced the acquisition of The Bay Centre, a retail and mixed-use asset spanning an entire city block and serving as a cornerstone of the city’s retail and pedestrian core in the heart of downtown Victoria on Vancouver Island. “The Bay Centre is one of the most recognizable and important urban retail assets in British Columbia,” said Henry Zavriyev, Principal at Leyad. “This is a generational acquisition for our firm — a landmark property in the centre of one of Canada’s most vibrant and supply-constrained cities. We see enormous long-term potential in the asset and are excited to steward its next chapter.” The acquisition aligns with Leyad’s investment strategy focused on acquiring irreplaceable community-oriented retail properties with strong underlying real estate fundamentals, daily-needs tenancy, and opportunities for long-term value creation through active ownership and strategic reinvestment. Leyad intends to work collaboratively with tenants, local stakeholders, and the broader Victoria community to further enhance the property’s role as a premier downtown destination. (Leyad – www.leyad.ca)……….
Insolvency Insider the independent publication dedicated to the Canadian insolvency, restructuring, and distressed M&A markets, reports that Putman Investments, the Ontario owner of Toys ‘R’ Us, is seeking court approval to acquire ten Toys ‘R’ Us leases inventory, equipment, etc, and continue operating until 2027. At that point, it might request an extension or rebrand. (Toys ‘R’ Us Canada – www.www.toysrus.ca)……….
Kroeger Marketing, a Canadian wholesale distributor, has entered an exclusive three-year partnership with WAHU, Australia’s leading outdoor play brand, to reintroduce the brand to Canada beginning in Spring 2027. Under the agreement, Kroeger will manage Canadian distribution across mass, specialty, sporting goods, hardware, marine, pool specialty and eCommerce channels, while also handling sales, marketing, merchandising, logistics, warehousing and retail development. The company also receives select distribution rights in the U.S. market. The partnership combines Kroeger’s retail infrastructure and market expertise with WAHU’s internationally recognized product portfolio, supporting broader access for retailers and families across Canada. (Kroeger Inc. – www.sweetjanes.com) & (WAHU Australia – www.wahu.com.au)………….
Club Pilates has signed a major multi-unit development agreement with entrepreneur Saber Ammori to expand 70 additional locations across the United States. Ammori, who currently operates 14 studios in New York City, will partner with Cohere Capital to form Renew Fitness, which will oversee development and operations of existing and new studios. The agreement brings his total potential footprint to 84 studios, positioning Renew Fitness as one of Club Pilates’ largest franchise groups. It includes expansion into Michigan, Maryland, and New York, reflecting continued growth of the Club Pilates system under Xponential Fitness. Executives highlighted strong franchise economics and demand for boutique fitness, while Ammori emphasized his long-term commitment to growing the brand and expanding access to Pilates studios globally. (Club Pilates – www.clubpilates.com)………..
Earlier this week, Christine Slevan joined MTY Food Group in Montreal as Senior Leasing Manager, Eastern Ontario, Quebec and Atlantic Canada. Ms Slevan brings over a decade of experience having held various senior leasing positions with major QSR and supermarket companies. (MTY Food Group – www.mtygroup.com)………
A new Canadian Federation of Independent Business survey finds that 84 percent of small businesses worry rising fuel costs could weaken the Summer tourism season. Higher fuel prices are increasing expenses for transportation and supply chains while also reducing customers’ disposable income, potentially limiting travel and spending. CFIB’s Ryan Mallough warned that these pressures could result in a slower Summer, adding strain to already challenged businesses. To address this, CFIB is promoting local tourism and encouraging Canadians to support nearby businesses. It is relaunching the #SmallBusinessEveryDay Big Thank You Contest from June 29 to July 13, inviting people to recognize their favorite small businesses online. CFIB also highlights that 66 percent of local spending stays within the community, reinforcing the broader economic benefits. (Canadian Federation of Independent Business – www.cfib.ca)…………
AutoCanada Inc., a Canadian multi-location automobile dealership and collision repair group, has completed the sale of Toyota of Lincolnwood in Lincolnwood in Illinois. The dealership was part of the company’s U.S. operations, which were classified as discontinued operations at the end of 2024, and generated a net loss from discontinued operations of $103.4 million in 2024. AutoCanada received approximately $40.1 million in cash for goodwill and fixed assets, excluding inventory and net working capital. (AutoCanada Inc. -www.autocan.ca)……..
Have a great week………….