Canadian Tire closes Party City transaction

TORONTO — Canadian Tire Corp. announced that it has successfully closed the previously announced acquisition of Party City’s Canadian business, which includes 65 retail stores in seven provinces. The purchase is part of Canadian Tire’s strategy to reach a younger demographic and integrate its banners under the Triangle Rewards program while preserving their distinct identities. “Party City customers skew younger and spend 60% more at Canadian Tire than our average Triangle Rewards member each year,” EVP Allan MacDonald told analysts in August.