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Target Corp. should cut its losses and exit Canada — soon, says Credit Suisse
Target Corp. needs to make a decision about whether it wants to continue
operating in Canada soon. Once a permanent CEO takes the helm, they will need to
rapidly decide whether an attempt to turn around Canada is worth diverting time
and capital away from the U.S. business,” analyst Michael Exstein told clients.
We think it may be more prudent for Target to cut its losses and devote 100% of
its resources on the U.S. — which comprises over 97% of the company’s current
sales.” By the end of fiscal 2014, Mr. Exstein noted Target will likely have
spent about US$6-billion in capex and after-tax losses in Canada. But more
spending may be coming if the company wants to turn things around, as the
analyst thinks it will be a major effort that takes at least several years to
accomplish. (Source
financialpost.com)
Canadian Women's clothing retailers face tough year, more bankruptcies: analysts
Canadian women's clothing retailers are bracing for a difficult year as the
entry of more international brands into the marketplace raises the possibility
that once steadfast domestic fashion companies could be headed for financial
trouble. A weak spring has forced retailers to scramble in a losing effort to
salvage the year by selling off inventory at deep discounts. "They're basically
panicking because they're coming into the summer season with excess
inventory...so what they've engaged in is cut-throat price competition in hopes
of trying to clear the merchandise out of their stores." Even some foreign
retailers were hurt, though men's fashion retailers fared better. Harris
predicted that at least three or four retailers up to the size of Jacob will
close after the Christmas rush. (Source
huffingtonpost.ca)
Canada's retailers warned by developer - Watch out for mystery shopper / secret
shopper scams First Capital Realty has become aware that fake consumer
research programs are being used to defraud unsuspecting victims. Under these
scams, numerous consumers across Canada are receiving forged cheques and
documentation and are being asked to pose as mystery shoppers at select retail
locations. The forged cheques and documentation may in some cases be received
after the recipient has applied or been contacted for employment as a mystery
shopper. Victims of the scam are typically defrauded when they send funds to
their "employer" as part of a mystery shopping assignment and, subsequently, the
payment issued to the victim is denied when the forged cheque bounces after
being deposited. (Source
wsj.com)
IBC's cargo theft reporting program pays dividends: Database helps identify
owners of $1.4M in recovered cargo After a recent police raid,
Insurance Bureau of Canada's (IBC's) cargo theft reporting program helped police
to identify the owners of approximately $1.4 million in stolen property – the
result of 15 separate cargo load thefts over the past several months. The IBC
cargo theft reporting database – the heart of the reporting program –
facilitated communication between insurance companies and law enforcement
regarding the return of the goods. IBC recently expanded its cargo theft
reporting program nationwide. The program, administered in conjunction with the
Canadian Trucking Alliance and supported by law enforcement, is aimed at
fighting the rapidly escalating crime that is costing Canadians up to $5 billion
a year and is a significant problem in transportation hubs in southern Ontario,
Vancouver and Montreal. (Source
yahoo.com)
Jacob - fashion chain seeks extension to avert closing down 92 stores
Marketing and communications director Cristelle Basmaji, daughter of founder
Joey Basmaji, said the company is going to court Friday to seek an extension of
creditor protection, which would give it more time to try to relaunch. Jacob
announced on May 6 that it would close its 92 stores within several weeks, after
liquidating inventory. Now, more than two months later, most stores remain open
as Continental Capital Investments stepped in with a “debtor-in-possession” loan
at the time of the initial filing. The deal gave the company an $8-million line
of credit at an annual interest rate of 15 per cent. The chain, founded in 1977,
previously sought creditor protection at the end of 2010, closing 50 stores,
collapsing banners and restructuring. (Source
montrealgazette.com)
Ontario Workers Win New Protections as Wage Theft and Minimum Wage Bills
Re-introduced The Ontario government has responded to the growing
crisis of low-wage precarious work and demands of workers to step up protection
by introducing new legislation today. The Liberals have re-tabled their bill to
index the minimum wage to inflation and have re-introduced legislation that
brings some protections against wage theft. Under the proposed wage theft
legislation both temp agencies and client companies would be liable for unpaid
wages and overtime and it would be harder for companies to contract out unsafe
work to temp agencies. In addition, workers will have up to two years to file
employment standards claims, with no monetary limit. (Source
digitaljournal.com)
Police Recover $1.4M in Stolen Cargo; 15 separate thefts over last several
months Police officers raided multiple warehouses in Vaughan and
Toronto and recovered $1.4 million in stolen goods – the result of 15 separate
cargo load thefts over the past several months. "As a result of the warrants, 15
loads of cargo were recovered which contained merchandise including baby
products, barbecues, household appliances, cleaning supplies, tools, musical
instruments, forklifts, vehicle antifreeze and a baby grand piano,” York
Regional Police said in a statement. Most of the stolen cargo was returned to
its rightful owners with the help of Insurance Board of Canada’s cargo theft
reporting database. (Source
todaystrucking.com)
$40K of bikes stolen from Cadence Cycle in Whitehorse
RCMP investigating drug theft during break and enter at Brookfield Pharmasave
Lululemon ranked most profitable apparel company in North America
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