Just days after filing for bankruptcy protection, BMO Financial Group (BMO) has signed an agreement to acquire the Air Miles rewards program from LoyaltyOne Co.
Air Miles was once one of the biggest names in the loyalty space, but the company has seen its popularity drop over the past few years, and recently sought court protection from its creditors in the US and Canada.
Air Miles president Shawn Stewart said the deal “brings stability to the Air Miles program” and the deal will have no impact on the points balances, or on their ability to use their miles to pay for items.
BMO was a founding partner of Air Miles in 1992, making it one of the oldest and largest loyalty programs in Canada, with nearly 10 million active users.
We are excited to share that BMO, our anchor partner, has announced its intention to acquire AIR MILES, the leading loyalty program, subject to court approval. To read more about this news visit https://t.co/BMXunXuJql.
— AIR MILES Reward Program (@AIRMILES) March 10, 2023
In mid-January, Thrifty Foods announced it is parting ways with Air Miles after 14-years.
The popular BC grocery chain is following in the footsteps of several grocery stores across Western Canada including Safeway, Foodland, IGA, FreshCo and Chalo! FreshCo and many more.
The fading out of Air Miles comes after Canadian conglomerate, Empire Company Limited became the co-owner of Scene+ in June 2022, alongside Scotiabank and Cineplex.
The three major brands have positioned Scene+ as one of the country’s most dominant loyalty programs, enabling members to earn and redeem points on groceries and a variety of different services including movies, flight discounts and retail discounts.
After launching Scene+ across Atlantic Canada on August 11th, and throughout British Columbia, Alberta, Saskatchewan and Manitoba on September 22nd, 2022, Air Miles will be phasing out completely in 2023.
While Thrifty Foods is no longer accepting Air Miles, shoppers that have accumulated points with Air Miles over the years can still redeem rewards with a variety of partners including Spotify, Uber Eats, H&M, and Shell.
BMO’s acquisition of the rewards program is still subject to court approval.
With files from Travis Devonport