The Globe and Mail reports in its Friday, May 16, edition that Canadian Tire will acquire the historic Hudson's Bay stripe design, which dates back to the 17th century, along with the retailer's coat of arms, brand names and other intellectual property associated with the struggling department store chain in a $30-million deal. The Globe's Susan Krashinsky Robertson writes that this agreement marks a significant moment for Canada's oldest retailer, as it relinquishes ownership of iconic designs that are deeply connected to its corporate history and the nation's heritage. Furthermore, it ensures that another one of Canada's largest retailers will take care of these brands and designs in the future. Canadian Tire chief executive officer Greg Hicks wrote in a news release on Thursday: "Canadian Tire and the Hudson's Bay Company are among the nation's longest-standing companies, with a combined Canadian heritage measured in centuries. Some things are just meant to stay Canadian and we are honoured to welcome many of HBC's leading brands -- including the iconic HBC coat of arms and the Stripes -- into our Canadian Tire family." A sales process for Hudson's Bay's assets and operations drew 17 bids.