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.
TORONTO (Reuters) – Embattled Toronto Mayor Rob Ford, under pressure to quit after he admitted smoking crack cocaine and buying illegal drugs, vowed on Thursday to sue former aides that he said had lied about his behavior.
Police documents released on Wednesday quoted Ford associates as alleging the mayor had driven drunk, used racially abusive language, threatened staff, consorted with a woman suspected of being a prostitute and made obscene sexual suggestions to a female member of his staff.
TORONTO (Reuters) – Two big Canadian grocers reported steep declines in quarterly profit on Wednesday in the face of escalating competition from the likes of Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) and Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz), a new entrant to the Canadian market.
Loblaw Cos Ltd (L.TO: Quote, Profile, Research, Stock Buzz), Canada’s largest grocer, reported a 29 percent decline in profit for the September quarter and lowered its earnings outlook, while smaller rival Metro Inc (MRU.TO: Quote, Profile, Research, Stock Buzz) reported a larger-than-expected 40 percent drop in profit.
TORONTO, Nov 12 (Reuters) – Struggling Canadian home
improvement retailer and distributor Rona Inc reported
a bigger quarterly profit on Tuesday as it cut costs, but
competition and cooling new home construction hurt sales.
The Boucherville, Quebec-based company, facing a raft of
challenges as it works through an aggressive restructuring plan,
said its results were helped by on-target cost savings, but
revenue declined on store closures and a sales slump at
(Reuters) – When the founder of athletic apparel business Lululemon said his products were wrong for certain body shapes, some customers were quick to take offense, creating a potential public relations headache for the highly successful company.
“Quite frankly, some women’s bodies just actually don’t work for it (his clothing),” Chip Wilson said in an interview with Bloomberg TV this week. “They don’t work for some women’s bodies.”