TORONTO, April 17, 2013 /CNW/ - Canadian Tire Corporation, Limited (CTC.A, CTC) today announced that discussions with its Associate Dealers have concluded and resulted in new terms for Associate Dealer contracts which cover the period through to the end of 2024.
For more than 90 years, Canadian Tire has expanded into hundreds of Canadian communities because of the commitment of entrepreneurial store-owners who dedicate their lives to serving customers with a nationally recognized brand and local, hometown decision making. This unique mix of a centralized and localized business model has been one of the greatest hallmarks of Canadian Tire's growth and success over the decades.
The Corporation and Dealers have worked collaboratively to improve the current contracts and have agreed on terms that reflect the future of retail, the importance of digital channels and technology and reaffirm the strong relationship and expertise of both the Corporation and Dealers.
"Canadian Tire's Dealers are community leaders and the strongest group of entrepreneurs that I have ever worked with," said Stephen Wetmore, President and CEO of Canadian Tire Corporation. "I will put our franchise model up against the best retailers in the world every day of the week. Canada is as diverse as any country on the planet - weather, demographics, cultures - and it is our Dealers that keep us relevant in communities day in and day out. Our new contract ensures the relationship between the company and our Dealers is focused on the things we both care about - serving our customers, being relevant to our communities and growing the company."
"Our new contract better positions us to excel and grow as a brand and unified enterprise - and I believe that our model allows us to serve Canadians uniquely in each community - a major differentiator as customers have increasing choices of where to shop," added Dave Deplaedt, President of the Canadian Tire Dealers' Association and Dealer of the Canadian Tire store at 1731 Preston Ave. North, in Saskatoon.
The significant terms of the new Dealer contract were approved by the Canadian Tire Dealers at a meeting on April 17. Individual Dealers will now sign contracts with the Corporation based on the new terms. Implementation of the contracts is expected to begin later this year and continue into 2014.
About Canadian Tire Corporation
Canadian Tire Corporation, Limited (TSX:CTC.a) (TSX:CTC) is a Family of Companies that includes Canadian Tire Retail, Partsource, Gas+, FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere), Mark's and Canadian Tire Financial Services. With more than 1,700 retail and gasoline outlets from coast-to-coast, our primary retail business categories - Automotive, Living, Fixing, Playing and Apparel - are supported and strengthened by our Financial Services division. Over 85,000 people are employed across the Canadian Tire enterprise, which was founded in 1922 and remains one of Canada's most recognized and trusted brands. For more information, visit Corp.CanadianTire.ca.
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The forward-looking statements and information contained herein are based on certain factors and assumptions as of the date hereof. The Company does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, unless required by applicable securities laws.
SOURCE: CANADIAN TIRE CORPORATION, LIMITED
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Investors: Lisa Greatrix, 416-480-8725, [email protected]