Hide House property on the market

The Olde Hide House says its historic Acton building is for sale if the right investor can be found to buy the property and keep the leather goods store as a tenant. The Hide House’s owner stresses that it’s the property, not the business, that is listed for sale.

“Our business, Hide House, is not going away,” said Walter Asatoorian, owner and president, who is based Montreal.

The Hide House, known for its slogan “It’s worth the drive to Acton,” underwent ownership changes after going bankrupt in May.

The company had previously expanded into the Greater Toronto Area at the same time the sales were sluggish. The new locations in Toronto and Vaughan closed.

The flagship store in Acton is down to about 20 employees, many of whom do not know the property has been listed.

The Hide House’s Acton property is for sale for about $1.7 million, according to an online listing from the Ontario Real Estate Association. The 30,000-square-foot renovated building, located on Eastern Avenue, sits on 1.62 acres.

“We need to generate some cash in order to stay in business and one of the ways to do that is selling the property and staying as a tenant,” Asatoorian said.

He said the listing is meant to test the market.

“We’re looking at our options. It doesn’t mean we’re going to sell the property,” he said.

If the property buyer were not interested in having the Hide House as a tenant, the leather store would have to find somewhere else to rent and then relocate in the vicinity, he said.

The broker who listed the Hide House property about two weeks ago, Barry Sklar of High Point Realty in Toronto, said there has been some interest.

“It’s just a matter of time to find . . . somebody looking to have a good long-term investment in a piece of real estate in an interesting place like Acton,” he said.

The building was constructed in 1899 to house hides for a tannery down the road.

The Hide House store opened in 1980 and has put a town of 8,400 people on the map with its popular advertising slogan.

Acton was once known as “leathertown” but it is now largely a bedroom community, said John McNabb, chair of the Acton Business Improvement Association.

The Hide House is the largest retail business in the town, he said.

“It’s going to be a great loss for the business community in Acton if they eventually fold,” he said. “Hopefully they’ll continue.”