Canada column for
Sunday, June 25/17
THE CANADIAN REPORT
(c) By Jim Fox
Battered by slow
sales for several years, Sears Canada Inc. will close 59 of its 225 stores as
it receives bankruptcy protection to restructure.
The retailer will
cut 2,900 jobs under the court-supervised restructuring approved by the Ontario
Superior Court.
It received 30 days
of protection from creditors while it “tries to revamp its business” and seek
up to $450 million in financing, the company said.
Sears stores will continue
to operate, except for those closing – 20 department stores, 15 Sears Home
stores, 14 Sears Hometown locations and all 10 outlet locations.
In order to
“right-size” its business, Sears said it intends to emerge as a “leaner, more
focused operation better able to compete in the hyper-competitive retail
industry.”
Founded in Canada
in 1952 as Simpsons Sears, it employs about 17,000 people.
Marketing
strategist Tony Chapman said Sears’ problems were “inevitable” as low-cost
producers such as Amazon and Walmart continue “to eat your lunch.”
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The Canadian
government is allocating $1.2 billion over three years to the provinces for
child-care initiatives.
The money will
support access to high-quality, licensed child-care programs, child and family
programs and early childhood educator training.
It will help to
make licensed child care more affordable and include subsidies for low and
middle income families.
“Child care is
about quality early learning for our children so they get the best possible
start in life,” said Jean-Yves Duclos, Minister of Families, Children and
Social Development.
“It will give more
parents, especially mothers, an opportunity to work, to train for their next
job, or to go back to school,” he added.
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News in brief:
- With Canada
surrounded by three oceans – the Atlantic, Pacific and Arctic – as well as
having the Great Lakes and St. Lawrence Seaway, it makes sense to upgrade the
Navy’s submarine fleet, says Vice-Admiral Ron Lloyd. He said it’s the best way
to see who is around Canadian waters and those of its NATO allies. The federal
government plans to spend $2.5 billion to upgrade its submarine fleet and also
replace 12 frigates and three destroyers.
- Canada is again
in the Top 10 countries ranked on the well-being of their citizens. The Social
Progress Imperative, a U.S.-based organization, places Canada sixth after
Denmark, Finland, Iceland, Norway and Switzerland. Canada is followed by the
Netherlands, Sweden, Australia and New Zealand while the U.S. was 18th. The
survey looks at education, health, wellness, tolerance, inclusion, political
rights, personal freedom, safety and environmental quality.
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Facts and figures:
Canada’s dollar is slightly
lower at 75.4 cents U.S. as the U.S. dollar gained to $1.326 Canadian before
exchange fees.
The Bank of Canada’s key interest rate is
steady at 0.5 percent while the prime-lending rate is 2.7 percent.
Stock markets are higher, with the Toronto
exchange index at 15,336 points while the TSX Venture index is 773 points.
The average price for gas in Canada is down to $1.034
a liter or $3.92 (Canadian) for a U.S. gallon.
Lotto 6/49: (June 21) 2, 12, 34, 39, 41 and 45; bonus
21. (June 17) 5, 6, 18, 21, 36 and 44; bonus 32. Lotto Max: (June 16) 1, 5,
20, 33, 34, 41 and 42; bonus 15.
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Regional briefs:
- The Supreme Court
of Canada ruled that Deborah Douez of British Columbia can pursue her
class-action lawsuit against Facebook over its use of “sponsored stories.” She
is upset that the now-defunct advertising scheme used her name and profile
photo in ads endorsing a company that she “liked.” The suit seeks damages based
on a claim that the format violated the province’s Privacy Act.
- When someone
mentions mining, few people would think of tungsten. They are in central New
Brunswick as the Sisson Mine has received environmental assessment approval and
will also include an ore processing
facility. The $579-million project will create 500 jobs during
construction and 300 jobs over the 27-year life of the mine at one of the
largest deposits of the hard, rare metal in North America.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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