Fairfax Financial bids US$300 million for Toys R Us’s Canadian business

Fairfax Financial bids US$300 million for Toys R Us’s Canadian business
NEW YORK — Canada’s Fairfax Financial Holding has placed a bid of US$300 million to buy Toys “R” Us’s Canadian operations in bankruptcy. According to court papers filed late Thursday, the bidder is taking on a role of a “stalking horse” in a court-approved auction set for Monday in New York. That means it could be outbid in the auction... Read More

Recent retail sales far weaker than initial estimates, revisions suggest

Recent retail sales far weaker than initial estimates, revisions suggest
OTTAWA — Canadian retail sales during the crucial holiday shopping season were far lower than previously projected as consumers appeared to pull back on spending. Statistics Canada has released revised estimates for its retail-trade figures — and they are considerably weaker when compared to the initial readings published by the federal agency. The agency now estimates retail sales for November contracted 1.1 per cent compared to the previous month, which... Read More

DavidsTea swings to loss on charges but says e-commerce improving

DavidsTea swings to loss on charges but says e-commerce improving
MONTREAL — DavidsTea Inc. says it swung to a loss in its last quarter as onerous contract charges and impairments weighed on its balance sheet. The specialty tea retailer says it had a loss of $16.1 million for the fourth quarter ending Feb. 3, compared with net income of $2 million for the same quarter last year. The company says the charges included... Read More

Rogers Q1 profit, adjusted earnings soar on revenue growth

Rogers Q1 profit, adjusted earnings soar on revenue growth
TORONTO — Rogers Communications Inc. saw its first-quarter profit soar from the same time last year as its wireless division experienced a growth spurt that exceeded analyst estimates. The wireless, cable, internet and media company’s net profit was $425 million, up 37 per cent from $310 million in the comparable period last year. Adjusted earnings grew even more, rising by... Read More

Bank of Canada holds benchmark interest rate as economic growth moderates

Bank of Canada holds benchmark interest rate as economic growth moderates
OTTAWA — The Bank of Canada is maintaining its trend-setting interest rate as its careful assessment of the timing of future hikes continues amid a backdrop of moderating growth. The central bank, which kept its rate at 1.25 per cent Wednesday, said slower first-quarter growth of about 1.3 per cent was largely a result of housing markets’ responses to stricter... Read More

Lululemon names new chief financial officer as search continues for new CEO

Lululemon names new chief financial officer as search continues for new CEO
VANCOUVER — Lululemon Athletica Inc. has appointed Patrick Guido as chief financial officer as its search continues for a new chief executive. The Vancouver-based clothing company says Guido, who most recently worked as treasurer and vice-president of corporate development at VF Corp., will report to chief operating officer Stuart Haselden. Lululemon has been without a CEO since early February when Laurent Potdevin suddenly stepped down from... Read More

Second Cup sets its sight on converting some coffee shops into pot dispensaries

Second Cup sets its sight on converting some coffee shops into pot dispensaries
TORONTO — Second Cup wants to serve up a different kind of buzz by converting some of its coffee shops into cannabis dispensaries. Shares in the Canadian restaurant operator rose as much as 26 per cent to $3.47 apiece in early Thursday trading after it announced that it has signed an agreement with marijuana clinic operator National Access Cannabis to develop and operate a network of... Read More

Canadian Tire expands loyalty program to cover more retail brands

Canadian Tire expands loyalty program to cover more retail brands
TORONTO — Canadian Tire Corp. says it’s expanding its loyalty program to allow customers to collect and redeem Canadian Tire Money across its various retail brands. The company says starting later this spring, customers will be able to collect money at Sport Chek, Mark’s, Atmosphere and Gas+ locations in addition to Canadian Tire itself, as well as redeem it at locations other than Gas+ stations. Canadian Tire... Read More

Some DavidsTea shareholders express ‘serious concerns’ over board nominees

Some DavidsTea shareholders express ‘serious concerns’ over board nominees
MONTREAL — Some DavidsTea Inc. shareholders are pushing back against a turnaround plan and new board of directors proposed by a large shareholder group controlled by its co-founder, Herschel Segal. A joint letter to the tea chain’s board from Porchlight Equity Management LLC, TDM Asset Management PTY Ltd. and Edgepoint Wealth Management Inc. says they have “serious concerns” with Rainy Day... Read More