Dec 11 (Reuters) – Hudson’s Bay Co cut its 2013
outlook on Wednesday on expectations of heavier holiday
discounting and as overall sales were weaker than expected in
the third quarter, depressing the retailer’s stock 5 percent.
The company, which completed its $2.4 billion purchase of
U.S. luxury chain Saks Inc last month, reported a wider net loss
primarily due to costs related to the acquisition.
(Reuters) – Lululemon Athletica Inc (LULU.O: Quote, Profile, Research, Stock Buzz) named a new chief executive on Tuesday, and said founder Chip Wilson will step down as chairman, as the upscale yogawear retailer tries to go global and put a series of embarrassing quality issues and other gaffes behind it.
Lululemon said Laurent Potdevin, most recently president of trendy footwear brand TOMS Shoes, will replace Christine Day as CEO in January, and emphasized his role leading TOMS global expansion.
TORONTO, Dec 10 (Reuters) – Canadian companies are planning
to hire at a slightly faster pace in the first quarter of 2014
than in the current quarter, according to data released on
Tuesday that also showed construction remained the most robust
industry among those surveyed.
ManpowerGroup Inc, the world’s No. 3 staffing
company, found in its latest quarterly national survey of more
than 1,900 employers that 13 percent planned to increase their
payrolls next quarter, while 8 percent expected to make staffing
(Reuters) – Air Canada (ACb.TO: Quote, Profile, Research, Stock Buzz) appears close to deciding whether to buy up to 60 new narrowbody jets from Airbus (EAD.PA: Quote, Profile, Research, Stock Buzz) or Boeing Co (BA.N: Quote, Profile, Research, Stock Buzz), a decision that could settle which of the giant plane makers wins their annual order race, industry sources said.
The Canadian flag carrier has said it is looking to renew its fleet of single-aisle aircraft, which includes more than 50 Airbus A320 and A321 jets, as well as 45 Embraer 190 planes.
TORONTO (Reuters) – U.S. retailers looking north in their quest for growth should consider the frosty reception Canada has so far given trendy discounter Target Corp a cautionary tale: what looks like a simple border crossing can easily go wrong.
On the surface, Canada seems a good bet for retailers tiptoeing outside the United States, with Nordstrom and Saks among those now lined up to test the market. But winning over Canadians is no cake walk, and name recognition alone won’t do the trick.
TORONTO, Nov 26 (Reuters) – Sears Canada Inc is
laying off nearly 800 employees as it overhauls its repair
services and parts businesses and makes further staffing cuts at
its head office, the department store chain said on Tuesday.
News of the layoffs broke shortly before markets closed,
sending shares up 4 percent to close at C$18.98.
TORONTO (Reuters) – Auto parts maker Magna International Inc (MG.TO: Quote, Profile, Research, Stock Buzz) has room to grow, but it won’t bid for PSA Peugeot Citroen’s (PEUP.PA: Quote, Profile, Research, Stock Buzz) stake in auto parts maker Faurecia (EPED.PA: Quote, Profile, Research, Stock Buzz), the Canadian company’s chief executive said in an interview on Thursday.
CEO Don Walker also said that strong U.S. vehicle demand was pushing plants to capacity and could leave automakers scrambling to increase production.
TORONTO, Nov 19 (Reuters) – A Canadian National Railway
employee was killed in a train accident near the small
northeastern town of Tisdale, Saskatchewan, Canada’s largest
railroad confirmed on Tuesday.
The Transportation Safety Board of Canada, which has an
investigator traveling to the accident site, said the CN crew
member was killed during switching. Switching typically involves
moving a section of a rail into a different position so that a
train can move onto a different track.
TORONTO (Reuters) – Embattled Toronto Mayor Rob Ford, under huge pressure to quit after he admitted smoking crack cocaine, said on Thursday he was getting help for a drinking problem, but offered no indication that he might step down.
Ford also expressed remorse for an obscene outburst he made earlier in the day when denying an allegation he had made sexual overtures to a female member of his staff.
TORONTO (Reuters) – High-end yoga-wear retailer Lululemon’s shares fell nearly 5 percent to its weakest level in a month on Thursday after an analyst downgraded the stock following fresh blows to the company’s reputation as it hunts for a new chief executive officer.
The company, which recalled its popular black luon yoga pants in March because they were too see-through, recently faced new customer complaints that some products were too susceptible to pilling – the small, unsightly balls of fibers that form on fabric from wear and tear.