Canada column for
Sunday, Oct. 15/17
THE CANADIAN REPORT
(c) By Jim Fox
Sears Canada, a
retailing giant here for 65 years, will soon be no more.
The company is
winding up its business, closing the remaining 130 stores and ending the jobs
of 12,000 employees. It closed 59 stores and laid off 2,900 workers in June.
Sears received
court approval Friday to liquidate its remaining stores as no viable buyer
could be found for the struggling retailer.
Judge Glenn Hainey of
the Ontario Supreme Court said he was satisfied there was no viable alternative
after restructuring attempts and a sale failed to materialize after it received
protection from creditors in June.
Retail analysts
said Sears was unable to adapt to a changing marketplace as it lost customers
to Walmart, Canadian Tire, Best Buy, Costco, Winners and Amazon.
The company had
sales declines for more than a decade after being given a lifeline with the
demise of iconic department store chain Eaton’s in 1999 when Sears bought its
remaining assets.
Sears Canada began
as Simpsons-Sears in 1952 with a mail-order business in partnership with Sears
Roebuck Co. of Chicago. It was spun off from U.S. based Sears Holdings in 2012.
---
Prime Minister
Justin Trudeau is not as confident after meeting with U.S. President Donald
Trump that a revised North American Free Trade Agreement can be reached.
He still has faith
in the three-country pact being revised while admitting the pact with the U.S.
and Mexico could be in trouble.
But, it is still
“very possible to get a win-win-win ... out of these negotiations,” Trudeau
said in Washington after his meeting.
He then traveled to
Mexico and met with President Enrique Pena Nieto as the country prepares for
the deal to collapse.
A major issue will
be the U.S. demand for a strict “Made in America” requirement for automobiles.
---
News in brief:
- Fund-raising
campaigns have been started for the Canadian victims and survivors of the Las
Vegas mass murder. Killed were Jordan McIldoon of Maple Ridge, British
Columbia; Jessica Klymchuk of Valleyview, Alberta; Calla Medig, of Jasper,
Alberta; and Tara Roe of Okotoks, Alberta. Some of the injured Canadians are
concerned about hospital costs as they hadn’t bought out-of-country supplemental
coverage.
- Changes are to be
made to Canada’s controversial proposed tax bill aimed at the wealthy. Finance
Minister Bill Morneau will announce the revisions Monday after a backlash of
complaints. The government said reforms are needed so people can’t incorporate
small businesses to unfairly reduce their income tax. The changes are expected
to ensure the reforms are targeted more clearly at the wealthy.
---
Facts and figures:
Canada’s dollar has
advanced to 80.22 cents U.S. while the U.S. dollar returns $1.246 in Canadian
funds before exchange fees.
The Bank of Canada’s key interest rate is
steady at 1 percent while the prime-lending rate is 3.2 percent.
Stock markets are higher, with the Toronto
exchange index at 15,807 points while the TSX Venture index is 797 points.
The average price for gas in Canada is steady at
$1.09 a liter or $4.14 (Canadian) for a U.S. gallon.
Lotto 6/49: (Oct. 11) 18, 24, 32, 36, 37 and 44; bonus 9.
(Oct. 7) 8, 22, 28, 40, 46 and 49; bonus 9. Lotto Max (Oct. 6) 10, 17, 25, 27, 29,
34 and 38; bonus 48.
---
Regional briefs:
- Ride-sharing
company Uber has withdrawn its threat to pulled out of Quebec over government
demands for more stringent training requirements and criminal background checks
for drivers. The company will continue its discussions now that Premier
Philippe Couillard has appointed a new transport minister. Andre Fortin takes
over from Laurent Lessard who was moved to the agriculture portfolio.
- Denise Robertson,
a 46-year-old mother of three, in Chatham, Ontario found out the hard way that
her live-in boyfriend was serious about leaving. She discovered Maurice
Thibeault gone with all his possessions including a Lotto 6/49 ticket. It
turned out the ticket won a tax-free cash jackpot of $6.1 million. The prize is
now in limbo after Robertson obtained a court injunction, claiming the prize is
half hers.
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Jim Fox can be reached at canadareport@hotmail.com
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