Giant Tiger Stores Ltd. is exploring the possible sale of the company, the discount franchise chain said in a news release.
Maintaining that it is not under pressure to sell, the company said it is examining different alternatives, including a potential sale, as part of the “natural evolution in the life of a privately held company that has been in business for over 50 years.”
“Our company is profitable and growing. We do not require external financing and are not under any pressure to sell,” said CEO Andy Gross.
“We are entering this review and exercise from a position of strength.”
Founded in 1961 with a store in Ottawa, the chain has grown to over 200 stores, most of them franchises, across Canada.
Giant Tiger’s 80-year-old founder Gordon Reid said the move is to ensure a successful future for the retailer.
“I and the entire team who built our company to be the best discount chain in Canada and in North America, are proud of our results, our current sales and profit growth in a stagnant market,” Reid said.
