Hudson’s Bay Co. executive chairman Richard Baker is leading a $1-billion cash proposal to take the iconic company private, a big bet on the turnaround prospects of the long-struggling retailer.
Toronto-based Hudson's Bay, which owns its namesake chain and the luxury Saks Fifth Avenue, also has a deal to sell about half of its European operations to its partner overseas for about $1.5-billion. That transaction needs to close before Hudson's Bay is taken private.
At $9.45 a share, the proposed go-private bid by Mr. Baker and other shareholders, who already own the majority of Hudson’s Bay, represents a premium of 48 per cent to Hudson’s Bay’s closing share price on Friday of $6.37 a share on the Toronto Stock Exchange. The company’s shares closed on Monday at $9.07, a 42-per-cent jump from Friday but a little below the proposed privatization price, suggesting shareholders don’t necessarily expect a higher offer.
Industry reps says the Liberals’ proposed ban could hurt small businesses and make things more costly, but supporters says it’s a necessary step to help environment
Jackman Revinents has expanded its partnership with Staples Canada, being named the retailer’s communications agency of record.
Having already worked with Staples on designing two recently opened flagship stores, Jackman will now work across different marketing disciplines to bring Staples’ new strategy to become the “Working and Learning Company” to life across platforms. Staples Canada has been transitioning from being seen as a traditional office supply warehouse store to one that brings a wider array of business-focused services (like digital marketing and design) to its retail locations.
Jackman’s work includes “This Is How I,” a new brand platform that shows people talking about how the products and services the retailer offers helped make their ideas come to life. It spotlights traditional target markets like teachers, to newer ones like entrepreneurs, to more traditional business owner targets using services like its digital, branding and print solutions.
After the recent debut of FreshCo in western Canada, Sobeys Inc. has unveiled plans to convert six more Safeway stores in British Columbia to the discount grocery banner.
The Canadian supermarket retailer also aims to convert a Sobeys store in Ottawa to Farm Boy banner, part of a planned Ontario expansion for the fresh market chain, acquired last year.
Prime Minister Justin Trudeau was in Quebec on Monday to announced ambitious plans to ban single use plastic by 2021. The announcement was short on details but one Montreal grocery store said they think the ban should extend to businesses like theirs.
“This is something that has to happen,” said Sam Madimenos, manager of Supermarché P.A. on Parc Avenue. “I hope all countries go on board. This has been something that’s been going on in Europe a while now. It’s about time Canada got on board, and I think it’s a good thing.”
The federal government is removing legal tender status from a
variety of old bank notes.
Effective Jan. 20, 2021, Canadians can no longer use $1, $2, $25, $500 and $1,000 bills in transactions. These notes have antiquated security features, according to the Government of Canada website.
The Bank of Canada says the bank notes will not lose their value and Canadians can redeem the notes through their financial institutions ,or by using the Bank’s Bank Redemption Service.
Seattle-based vegan brand Field Roast Grain Meat Co. recently expanded its products to 330 Walmart locations across Canada. The major retailer now carries Field Roast’s Smoked Apple Sage, Italian, and Mexican Chipotle Sausages, Fieldburgers, and Chao cheese slices in Original, Tomato Cayenne, and Garden Herb flavors. In 2017, Field Roast was acquired for $120 million by Canadian meat company Maple Leaf Foods.