Canadian Tire Corp. Purchases Party City

Canadian Tire 3 (CTV News)

Canadian Tire is expanding.

The corporation is purchasing 65 Party City stores across the country at a cost of $174.4-million.

It says it plans to add stand-alone stores and make Party City's products available across 500 Canadian tire stores and online.

Party City Holdco Inc. will use the proceeds from the sale to pay down debt.

Canadian Tire announced its second-quarter results that saw a 14 per cent increase in net income.

Canadian Tire also owns SportsChek and Mark's.