Category: Retail & Ecommerce

Ontario makes temporary change to layoff regulations to help businesses

CanadianInvestor
Ontario makes temporary change to layoff regulations to help businesses
TORONTO — Ontario is temporarily amending its labour laws to help businesses avoid permanently laying off workers and paying out severance, which could send some into bankruptcy during the pandemic. The government is expected to announce today that it will amend the Employment Standards Act, which requires businesses to terminate employees who have been laid off for 13 weeks. The law then requires... Read More

Bell Canada to sell 25 data centres for $1.04 billion for Equinix Inc.

CanadianInvestor
Bell Canada to sell 25 data centres for $1.04 billion for Equinix Inc.
TORONTO — Bell Canada has agreed to sell 25 data centres at 13 locations to Equinix Inc. for $1.04 billion in cash. The Montreal-based telecommunications company will retain five other data centres. Bell says the deal includes a partnership with Equinix. Equinix’s global platform currently includes more than 210 data centres internationally. Bell says the deal reflects its focus on investing in the network infrastructure,... Read More

Aritzia Inc. expects 45% drop in net revenue in first quarter due to COVID-19

CanadianInvestor
Aritzia Inc. expects 45% drop in net revenue in first quarter due to COVID-19
VANCOUVER — Clothing retailer Aritzia Inc. expects its net revenue is about 45 per cent lower for the current quarter compared with the same time last year due to COVID-19 related store closures and despite a significant spike in online sales. The company expects net revenue for the three months ending May 31 to fall to between $105 million and $110... Read More

CEO pay has topped $12.3M. Can it keep rising post-pandemic?

CanadianInvestor
CEO pay has topped $12.3M. Can it keep rising post-pandemic?
The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million last year, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation. Median pay for CEOs in the survey climbed 4.1% last year. For the typical worker at their companies, it rose 3.2%. It would take two... Read More

Canada initiates dumping investigation of steel imports from five countries

CanadianInvestor
Canada initiates dumping investigation of steel imports from five countries
OTTAWA — The Canada Border Services Agency says it has initiated an investigation in alleged dumping of some steel imports from Taiwan, Germany, South Korea, Malaysia and Turkey. The investigation relates to certain hot-rolled carbon steel heavy plate and high-strength low-alloy steel heavy plate. The reasons for the investigation will be issued June 11, with a preliminary determination and potential provisional duties in... Read More

Retailers add COVID-19 surcharge for services to help offset costs of pandemic

CanadianInvestor
Retailers add COVID-19 surcharge for services to help offset costs of pandemic
VANCOUVER — Among the many changes that returning customers to Hatz Hair Studio in North Vancouver may notice is a $5 charge on their bill to help offset costs associated with operating during the coronavirus. The hair salon is among retailers adding a COVID-19 surcharge, which can range from a few dollars to a percentage of the final bill, as business owners grapple with a... Read More

Clothing retailer Roots names Meghan Roach as new chief executive

CanadianInvestor
Clothing retailer Roots names Meghan Roach as new chief executive
TORONTO — Clothing retailer Roots Corp. has named Meghan Roach as its new chief executive. Roach, who has been interim chief executive since January, replaces Jim Gabel, who left the company after the board expressed a need for “renewed leadership.” She joined Roots from Searchlight Capital Partners, the company’s largest shareholder. Before becoming interim chief executive, Roach served as the... Read More

As malls re-open across the country, worries grow that consumers won’t come back

CanadianInvestor
As malls re-open across the country, worries grow that consumers won’t come back
Malls across the country are beginning to open their doors after weeks of government-mandated shutdowns, but both operators and retail tenants are stepping into uncharted territory amid the COVID-19 pandemic. In the near-term, operators are focused on reopening their properties safely, but there’s a larger concern that shoppers — who have embraced e-commerce and curbside pickup since the pandemic’s outset — will be unimpressed upon returning to malls as many stores remain closed... Read More

Canada Goose cuts 125 staff, L Brands closing some Victoria’s Secret stores

CanadianInvestor
Canada Goose cuts 125 staff, L Brands closing some Victoria’s Secret stores
TORONTO — Retailers with Canadian operations are laying off employees and closing stores as they grapple with COVID-19. Canada Goose Holdings Inc. is cutting 125 of its staff or roughly two per cent of its 5,000-person workforce. The luxury parka company called the decision difficult, but said it had to take steps to address the impact of COVID-19 on its business. Canada Goose says it’s... Read More