TBS Acquireco Inc., owner of the Canadian Bargain Shop chain announced on Aug. 14 that they had entered into an agreement to acquire as many as 93 of the former Canadian Saan Store locations. The purchase agreement has followed closely on the heals of the June 6 announcement that Saan Stores Ltd. would be closing all of their 230 stores across Canada.
The popular Ponoka Saan Store, which has been located for many years at the corner of 50th Street and 49th Avenue will not be a part of this takeover, according to Michael Roellinghoff, the president and chief executive officer of the Bargain Shop Holdings Inc. “We have recently opened a new TBS location at 5011-48th Avenue in Ponoka, and the population of Ponoka doesn’t warrant two stores,” Roellinghoff explained.
Those former Saan Stores in the proposed TBS purchase agreement are located in the Atlantic provinces as well as Ontario and western Canada, and will bring the total number of The Bargain Shop Stores to over 270 outlets, making TBS one of the largest privately owned General Merchandise retailers in the nation. In commenting on the purchase agreement, which will begin on Aug. 21 once court approval has been obtained, Roellinghoff stated that the acquisition of the former Saan locations is very positive, not just for the company, but also for the towns where Saan has played a very important role over the years. Their goal is to re-open the newly acquired locations as soon as possible, with hopes that former Saan associates will consider joining in.
The planned acquisition once completed would increase the Bargain Store count in Alberta from 27 to 55 locations, of which the truly Canadian Company is very proud and excited. They carry a wide range of brand name, quality products for the home as well as grocery items and clothing for the entire family. It was also announced last week that Quebec based retailer Hart Stores Inc., which run mid-sized department stores, are also in the process of purchasing and re-opening some the former Saan Store locations in eastern Canada, but no locations were revealed.
Meanwhile the closing out process of the Canadian Saan Stores will continue throughout the summer, and no announcement has been made about the future of the Ponoka building location.