Giant Tiger is taking itself off the market, the company announced on Wednesday.
The Ottawa-founded discount retailer had announced in early October that it was looking at various options, including a possible sale.
Now, the company is saying that it will keep its current ownership and business model.
The privately-held company has over 200 locations across the country, the majority of which are franchised.
"It was our decision to stay private and continue to develop our successful franchise system,” said Gordon Reid, the company’s founder and chairman, in a press release.
When the company first floated the idea of a sale, executives said that the company was profitable and not under pressure.
The company said it plans to open seven new stores in 2014 and refurbish an additional 32.