Canadian retail chain SAAN, which announced it was going out of business in June, has been bought out by The Bargain Shop, another Canadian discount retailer.
After years of struggle and a narrow escape from bankruptcy in 2005 when the chain preserved 142 of its total of 350 stores, Saan announced in June it would close its remaining stores within 8 to 10 weeks.
On Thursday TBS Acquireco Inc., owner of The Bargain Shop announced it would be buying out the chain and getting as many as 93 former SAAN locations.
SAAN began in Winnipeg in 1947 when Albert and Sam Cohen opened their first store. SAAN, which stands for Surplus Army, Air Force, Navy, began by selling surplus items from Canadian armed forces. It eventually acquired other retailers and expanded across Canada.
From surplus goods, the chain added clothing, footwear and accessories. In 1997 it added hard goods such as kitchen and bath items and house wares.
The Bargain Shop will use Saan’s locations to expand its own chain to a total of 270 locations.
“The acquisition of the former SAAN locations is very positive, not just for our company and the Canadian vendor community, but also for the towns where Saan has played a very important role over the years,” said Michael Roellinghoff, president and CEO of The Bargain Shop in a news release.
Roellinghoff added that he hoped former SAAN employees would stay on with The Bargain Shop.
After years of struggle and a narrow escape from bankruptcy in 2005 when the chain preserved 142 of its total of 350 stores, Saan announced in June it would close its remaining stores within 8 to 10 weeks.
On Thursday TBS Acquireco Inc., owner of The Bargain Shop announced it would be buying out the chain and getting as many as 93 former SAAN locations.
SAAN began in Winnipeg in 1947 when Albert and Sam Cohen opened their first store. SAAN, which stands for Surplus Army, Air Force, Navy, began by selling surplus items from Canadian armed forces. It eventually acquired other retailers and expanded across Canada.
From surplus goods, the chain added clothing, footwear and accessories. In 1997 it added hard goods such as kitchen and bath items and house wares.
The Bargain Shop will use Saan’s locations to expand its own chain to a total of 270 locations.
“The acquisition of the former SAAN locations is very positive, not just for our company and the Canadian vendor community, but also for the towns where Saan has played a very important role over the years,” said Michael Roellinghoff, president and CEO of The Bargain Shop in a news release.
Roellinghoff added that he hoped former SAAN employees would stay on with The Bargain Shop.
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