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.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking information that reflects
management's current expectations. Forward-looking statements are
provided for the purposes of providing information about
management's current expectations and plans and allowing investors
and others to get a better understanding of our financial position,
results of operation and operating environment. Readers are
cautioned that such information may not be appropriate for other
circumstances.
All statements other than statements of historical facts
included in this document may constitute forward-looking
information, including but not limited to, statements concerning
management's expectations relating to possible or assumed future
prospects and results, our strategic goals and priorities, our
actions and the results of those actions and the economic and
business outlook for us. Often but not always, forward-looking
information can be identified by the use of forward-looking
terminology such as "may", "will", "expect", "believe", "estimate",
"plan", "could", "should", "would", "outlook", "forecast",
"anticipate", "foresee", "continue" or the negative of these terms
or variations of them or similar terminology. Forward-looking
information is based on the reasonable assumptions, estimates,
analysis and opinions of management made in light of its experience
and perception of trends, current conditions and expected
developments, as well as other factors that management believes to
be relevant and reasonable at the date that such statements are
made.
By its very nature, forward-looking information requires us to
make assumptions and is subject to inherent risks and
uncertainties, which give rise to the possibility that the
Company's assumptions may not be correct and that the Company's
expectations and plans will not be achieved. Although the Company
believes that the forward-looking information in this document is
based on information and assumptions which are current, reasonable
and complete, this information is necessarily subject to a number
of factors that could cause actual results to differ materially
from management's expectations and plans as set forth in such
forward-looking information for a variety of reasons.
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