TORONTO (Reuters) – Canadian retailer Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday it has agreed to form two real estate joint ventures that would cut its debt by about C$1.1 billion ($885.60 million) and pave the way for an initial public offering or alternate transaction.
The separate deals with two real estate investment trusts, or REITs, U.S.-based Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz) and Canada’s RioCan Real Estate Investment Trust (REI_u.TO: Quote, Profile, Research, Stock Buzz), sent HBC’s shares soaring more than 22 percent to C$27.15 on the Toronto Stock Exchange.
TORONTO, Feb 17 (Reuters) – Privately-held Cara Operations
Ltd, the company behind Canadian restaurant staples Swiss Chalet
and burger chain Harvey’s, is looking to go public again as it
aims to capitalize on the recent string of blockbuster
Canada’s third-largest restaurant operator said there are
significant opportunities for growth over the next five to seven
years in its preliminary prospectus filed late last week, ahead
of the long weekend.
TORONTO, Feb 17 (Reuters) – Restaurant Brands International
Inc, formed out of Burger King’s takeover of Canadian
coffee and doughnut chain Tim Hortons last year, saw higher
quarterly sales growth at both brands, but posted a net loss due
to one-time costs related to the merger.
U.S. chain Burger King bought Tim Hortons for C$12.64
billion ($10.21 billion) in August, creating the world’s
third-largest fast-food restaurant group. The two restaurant
chains are being managed as distinct and separate brands under
the parent company.
Feb 2 (Reuters) – Lululemon Athletica Inc founder
Chip Wilson said on Monday he is quitting the board of directors
of the yogawear retailer, hit nearly two years ago by a major
recall, because the company was back on track with a strong
Wilson, a sometimes controversial figure who helped build
the Canadian company into an international success story, said
the move will also allow him to focus on Kit and Ace, a casual
wear company that his wife and son launched last year.
TORONTO, Jan 19 (Reuters) – Canada’s main stock index was
little changed on Monday as a decline in oil and gas stocks,
fueled by lower crude prices, offset gains in other sectors.
The plunge in oil prices over the past six months, triggered
by worries about excess supply, has been the biggest drag on
both energy shares and Canada’s benchmark equities index. The
TSX is down about 2.5 percent this year.
NEW YORK/TORONTO (Reuters) – Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) was scrambling for ways to fix its failing Canadian expansion and considering closing just the weakest locations, but a pre-holiday visit to several stores by CEO Brian Cornell helped seal the decision for a full retreat.
Cornell spent the weekend before Christmas making solo visits to stores in Ontario and Quebec, Canada’s most populous provinces, according to a Target source familiar with the U.S. discount retailer’s decision to pull out of Canada.
TORONTO (Reuters) – Target Corp will exit the Canadian market after less than two years in a surprise retreat that will throw more than 17,000 employees out of work and trigger a $5.4 billion quarterly loss.
Shares of the U.S. discount retailer, which was granted creditor protection for its money-losing Canadian subsidiary, at one point rose more than 4 percent on the move. The stock was up 2.2 percent at $75.94 in afternoon trade on the New York Stock Exchange.
TORONTO, Jan 15 (Reuters) – Target Corp will abandon
its ill-fated expansion into Canada less than two years after
its launch, the U.S. discount retailer said on Thursday in a
surprise full retreat that will put more than 17,000 employees
out of work and cost the company billions in writedowns.
Target’s shares rose 3 percent in midmorning trading after
the company said it will seek court protection from creditors in
Canada for the money-losing subsidiary and shut all its 133
stores in the country.
Jan 12 (Reuters) – Lululemon Athletica Inc issued a
robust forecast for the current quarter on Monday that topped
market expectations and lifted its shares as strong holiday
sales signaled the Canadian yogawear maker’s comeback efforts
may be paying off.
Shares jumped nearly 9 percent on the outlook, which
forecast an increase in comparable store sales of 6 to 7
percent, roughly double analysts’ expectations.
TORONTO, Jan 9 (Reuters) – The Canadian dollar stumbled to
its weakest finish in more than 5-1/2 years on Friday after
North American jobs data signaled an interest rate hike in the
United States and the status quo in Canada.
Canada shed 4,300 jobs in December after losing 10,700 in
November. Market forecasters had estimated an increase of 15,000
jobs. The overall unemployment rate held at 6.6 percent.