The Financial Post reports in its Saturday, May 17, edition that Hudson's Bay Co. ULC has entered into an agreement to sell its intellectual property, which includes the HBC stripes and other brand labels, to Canadian Tire for about $30-million, as part of its effort to pay back about $1-billion to its creditors. The Post's Naimul Karim writes that the deal, which was announced on Thursday evening, has to be approved by an Ontario court and is expected to be completed by summer, HBC said. "We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience," Liz Rodbell, HBC's chief executive officer, said in a statement on Thursday. "I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward." In a separate statement, Canadian Tire chief Greg Hicks said that the "choice to buy HBC's intellectual property was "strategic" as well as patriotic. He said: "Some things are just meant to stay Canadian. It's disheartening to witness the final days of another great Canadian retailer, and while the circumstances are unfortunate, we're proud to step in for customers."