Target Canada's $1.9-billion debt under court review - sale of 11 sites approved
The sale of 11 Target Canada properties was approved in Ontario Superior Court
on Thursday but the fate of the $1.9 billion payment the deal was supposed to
trigger remains unresolved. "We absolutely intend to challenge that $1.9 billion
payment and claim," said Lou Brzezinski, a lawyer at Blaney McMurtry LLP.
Brzezinski represents five suppliers owed approximately $10 million. Under terms
of an agreement between Target Canada and a related company called Target Canada
Property LLC (Target Propco), the early termination of leases was to trigger a
$1.9 billion payment from Target Canada to Target Propco.
Retailers reap rewards after Target's failed Canadian expansion
Major retailers that fortified their businesses to help fend off the Target
Canada invasion are now enjoying the fruits of their labour. Loblaw Cos. Ltd.
and Canadian Tire Corp. Ltd. posted strong fourth-quarter results last week,
reflecting efforts to shore up their operations in recent years. A week earlier,
Wal-Mart Canada Corp. reported higher fourth-quarter sales, reaping the rewards
of initiatives such as rapidly expanding its grocery business. When Target Corp.
announced plans to expand to Canada four years ago, retailers here bulked up on
acquisitions and other strategic investments to help fight off the big U.S.
chain. Now, as Target prepares to leave Canada, unable to see a path to profit
before 2021, its rivals here are enjoying some record results. Retailers such as
Canadian Tire said Target ultimately didn't cut into their businesses much, and
the discount retailer's current going-out-of-business sales aren't having a big
effect either. Target "didn't have a material impact before" on Canadian Tire,
chief executive officer Michael Medline said Thursday, and "they are not going
to have a material impact coming out."
Montreal considers ban on plastic shopping bags
The city will hold a public consultation in May on whether to ban the thin
plastic bags used to pack purchases at groceries and other retail stores in
Montreal. Several cities in the United States have banned plastic store bags,
and California has become the first U.S. state to do so. Similarly, the European
Union has passed legislation that obliges member states to reduce the use of
thin plastic bags by 50 per cent by 2019 and by 80 per cent by 2025.
22 retailers looking to expand in Canada
Loblaw looking at a number of Target store
American footwear brand Rockport opening 5 new stores in Canada
Nordstrom takes cautious approach to Canada, launching only its 2nd store
Chapters Bookstore locations will be re-branded as
Retail Fast Facts: February 2015
● Total monthly retail sales changed by 4.6 per cent over the comparable month
● Total sales excluding food, automotive and gasoline changed by 5.4 per cent
over the comparable month last year.
March is Canadian Fraud Prevention Month - Avoid these common mistakes
RCMP bust sophisticated theft, fraud ring - a "counterfeit credit card factory"
Coquitlam RCMP has shut down what they believe to be a "sophisticated
counterfeit credit card factory." Today, police displayed hundreds of pieces of
stolen mail and identification including credit cards, passports and drivers'
licenses. Police allege the accused, 45-year-old Alvin Chand, was stealing mail
from across the Lower Mainland and selling it. Chand was already known to police
when he was charged and later pled guilty to a series of criminal charges
related to stealing or forging credit cards in 2013. He was sentenced to one
year in custody and one year of probation. Among the credit cards and mail
found, police also seized a loaded handgun, $10,000 cash, stolen property from
around the Lower Mainland, drugs, high-end specialty tools and a host of
weapons. Grimmer said they also found more than 700 pieces of stolen mail and
more than 300 pieces of ID. Some of the items were stolen from as far away as
Security guard could face charges for Toronto McDonald's shooting
As police investigate last weekend's shooting that left two men dead at a Danforth Avenue McDonald's, they must grapple with a key question: did the
off-duty security guard have a legitimate reason to believe his life was in
danger when he opened fire? "There's no doubt that he's a killer," criminal
lawyer David Butt says of the security guard who shot the men. "The question is
whether he's a murderer."
Suspects in alleged Valentine's Day Halifax mall shooting plot to appear in
Two young people accused of plotting to open fire on shoppers in a Halifax mall
are expected to return to court today. Twenty-three-year-old Lindsay Kanittha
Souvannarath of Geneva, Ill., and 20-year-old Randall Steven Shepherd of Halifax
were charged last month with conspiracy to commit murder. Police allege the pair
had planned to commit mass murder at the Halifax Shopping Centre on Valentine's
Police shut down Mic Mac Mall after threat, later release three suspects
Shot fired during robbery of King Edward Avenue
store, police say
Police and RCMP working to ensure West Edmonton Mall is a safe place