Tag Archives: Retail

Group of Sears Canada Creditors Wants to Sue Executives and Board

Group of Sears Canada Creditors Wants to Sue Executives and Board

By The Canadian Press

Sears
Bargain hunters are seen at the Sears store Friday, July 21, 2017 in St. Eustache, Quebec. Dozens of Sears stores across the country destined for closure will begin liquidation sales today. (THE CANADIAN PRESS/Ryan Remiorz)

TORONTO – A group of Sears Canada creditors wants to sue the company’s executive officers and directors, alleging negligent misrepresentation and oppression.

The retailer’s court-appointed monitor says the group wants an Ontario judge’s permission to launch their case against the company, which is currently protected under the Companies’ Creditors Arrangement Act.

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Beyond the Storage Locker: Self-Storage Facilities Expand, Bring in New Perks

Beyond the Storage Locker: Self-Storage Facilities Expand, Bring in New Perks

By Jennifer Cheng, The Canadian Press

Storage
Stephen Creighton, Senior Vice President of Dymon Group of Companies, stands at the company’s Carling Avenue self storage facility in Ottawa on Thursday, Aug. 3, 2017. Boardrooms, a wine-storage centre, an on-site sommelier, a lounge, those are just some of the perks an Ottawa-based company is promising as it builds a massive self-storage facility in Toronto. (THE CANADIAN PRESS/Justin Tang)

TORONTO – Boardrooms, a wine-storage centre, an on-site sommelier, a lounge — those are just some of the perks an Ottawa-based company is promising as it builds a massive self-storage facility in Toronto.

The sprawling site being constructed by Dymon Group of Companies won’t be ready until next year but it highlights a shift in the self-storage industry, where some companies are moving from only offering lockers for people to stash their goods to providing multi-functional spaces that come with a host of add-ons.

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Sears Canada Faces Online Calls for Boycott Over Treatment of Ex-Employees

Sears Canada Faces Online Calls for Boycott Over Treatment of Ex-Employees

By Adina Bresge, The Canadian Press

Sears
Bargain hunters are seen at the Sears store Friday, July 21, 2017 in St. Eustache, Quebec. Sears Canada is facing a social media campaign calling for a boycott after the company said it planned on paying millions in bonuses to keep executives on board during restructuring, despite not offering severance to laid-off workers. (THE CANADIAN PRESS/Ryan Remiorz)

Sears Canada is facing a social media campaign calling for a boycott after the company said it planned to pay millions in bonuses to keep executives on board during restructuring, while not offering severance to laid-off workers.

The retailer’s Facebook page has been flooded with comments from people vowing not to shop at Sears, and the hashtag #BoycottSearsCanada has been gaining traction on Twitter.

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Sears Canada Liquidation Sales Begin at 54 Locations Across the Country

Sears Canada Liquidation Sales Begin at 54 Locations Across the Country

By The Canadian Press

Sears
Bargain hunters are seen at the Sears store Friday, July 21, 2017 in St. Eustache, Quebec. Dozens of Sears stores across the country destined for closure will begin liquidation sales today. (THE CANADIAN PRESS/Ryan Remiorz)

TORONTO – Shoppers queued up Friday in hopes of finding a deal as Sears Canada Inc. began liquidation sales at 54 locations that will be closed as part of a court-supervised restructuring that began last month.

Large red, black and yellow signs that proclaimed “everything must go” and “nothing held back” greeted bargain hunters who began lining up before the doors opened.

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Costs, Unequally Borne: Jackman-Atkinson

Costs, Unequally Borne: Jackman-Atkinson

By Kate Jackman-Atkinson, myWestman

Sears
A Sears Canada outlet is seen Tuesday, June 13, 2017 in Saint-Eustache, Quebec. The retailer has warned Tuesday there are doubts about its ability to continue operating, and says it may have to restructure or be sold. (THE CANADIAN PRESS/Ryan Remiorz)

NEEPAWA, Man. — Rural Canadian shoppers may see some changes in their retail landscape. On June 22, Sears Canada filed for bankruptcy. This isn’t necessarily the end though, the once storied retailer said it expects to remain in business, restructure and come out of bankruptcy protection later this year. In its filing, the company said it needed time to let the impact of changes made earlier this year take effect. They were given 30 days of protection from creditors.

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Sears Canada Cutting 2,900 Jobs, Closing 59 Stores, Secures Creditor Protection

Sears Canada Cutting 2,900 Jobs, Closing 59 Stores, Secures Creditor Protection

By Linda Nguyen, The Canadian Press

Sears
A Sears Canada outlet is seen Tuesday, June 13, 2017 in Saint-Eustache, Quebec. (THE CANADIAN PRESS/Ryan Remiorz)

TORONTO – Sears Canada Inc. said it plans to close 59 locations and cut approximately 2,900 jobs under a court-supervised restructuring after it was granted protection from creditors Thursday.

The announcement came after the company was granted temporary protection from creditors under the Companies’ Creditors Arrangement Act (CCAA) by the Ontario Superior Court of Justice.

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Sears Canada Says There is ‘Significant Doubt’ About Its Future, Ponders Sale

Sears Canada Says There is ‘Significant Doubt’ About Its Future, Ponders Sale

By Aleksandra Sagan, The Canadian Press

Sears
A Sears Canada outlet is seen Tuesday, June 13, 2017 in Saint-Eustache, Quebec. The retailer has warned Tuesday there are doubts about its ability to continue operating, and says it may have to restructure or be sold. (THE CANADIAN PRESS/Ryan Remiorz)

TORONTO – Sears Canada said Tuesday there is “significant doubt” about its future and it could sell or restructure itself, the latest sign of how the retail sector is being upended by the rise of online shopping.

The retailer, known for catalogues that were a staple in the homes of generations of Canadians, saw its shares plummet by 39 per cent to 70 cents on the Toronto Stock Exchange minutes after the opening bell.

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Hudson’s Bay Eliminating 2,000 Positions to Offset Retail Sector Challenges

Hudson’s Bay Eliminating 2,000 Positions to Offset Retail Sector Challenges

By The Canadian Press

Hudson's Bay
A Hudson’s Bay Co. store sign is shown at its Toronto flagship store on July 29, 2013. Hudson’s Bay Co. says it is cutting 2,000 jobs, including some it says were previously announced in February. (THE CANADIAN PRESS/Nathan Denette)

TORONTO – Hudson’s Bay Co. announced Thursday it is eliminating 2,000 jobs throughout North America to help offset various challenges it’s facing within the retail sector, which has been beset by store closures with the advent of online shopping.

The retail giant said the layoffs are intended to save $350 million annually once the plan is fully implemented by end of fiscal 2018. Some of the layoffs were previously announced in February, the company said.

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