|By Marketwired .||
|October 4, 2013 05:10 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 10/04/13 -- As part of a natural evolution in the life of a privately-held company that has been in business for over 50 years, the founding family and controlling shareholder, has decided to explore its alternatives, which include a potential sale of the company.
"Our company is profitable and growing. We do not require external financing and are not under any pressure to sell" says Andy Gross, CEO Giant Tiger Stores Limited. "We are entering this review and exercise from a position of strength."
Mr. Gordon Reid, who founded Giant Tiger Stores Limited in 1961 and is now 80 years old, says "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, and we are focused on ensuring a successful future for Giant Tiger."
Giant Tiger continues to invest in its unique franchise system, buying teams, support teams, systems and offices in Ottawa and Montreal. These are all long term investments.
"As always Giant Tiger remains focused on serving its customers, building its business and helping our communities" says Andy Gross.
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About Giant Tiger:
In 1961 Giant Tiger Stores Limited opened their first store in Ottawa, the Nation's Capital. The business was started with a very simple idea - keep the cost of operation low and sell a large volume of merchandise at everyday low prices. It is the adherence to this idea that has allowed Giant Tiger to grow to over 200 stores.
In 1968, another simple idea was incorporated into the Giant Tiger formula- franchising! Today most of our stores are franchised so that our valued customers will be better served because the owner is in the store. Giant Tiger franchise owners become members of the community, sharing community concerns and serving community needs. Giant Tiger also helps to bring communities together. In 2012, Giant Tiger donated more than $2 million to more than 700 local associations and charities across Canada.
Giant Tiger offers a large assortment of casual clothing and footwear for the entire family including many of the latest fashion items at the lowest possible price. The identical quality and fashion items offered by major chain stores are sold at Giant Tiger often at remarkably lower prices. In addition, Giant Tiger provides for families everyday needs in groceries, confectionery, pet food, cleaning supplies, housewares, stationery, toys and health and beauty products.
Manager, Public Relations and Community Activation