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.
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.
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.
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.
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.
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.
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.