Top Stories: National

Hudson’s Bay executive chair spearheading bid to take retailer private for nearly $1bill

Richard Baker, executive chairman of Hudson’s Bay Co., is leading a group that is making a nearly $1-billion cash offer to take the retailer private.

As well, Toronto-based HBC, which owns its namesake and luxury chain Saks Fifth Avenue, has a deal to sell the roughly half of its European operations that it still owns to its partner overseas for about $1.5-billion.

At $9.45 a share, the proposed going-private bid by the group, which already is the majority HBC owner, represents a premium of 48 per cent to HBC’s closing share price on Friday of $6.37 a share on the Toronto Stock Exchange. And it represents a premium of 39 per cent to its 20-day average closing price, the company said on Monday.

theglobeandmail.com

5 ways bike lanes are good for city businesses | CBC News

Bike lanes come with their share of claims and controversies; beloved by some and bemoaned by others. But research suggests bike lines in urban areas can give businesses a boost.

cbc.ca

HBC Foundation Raises $1.35 Million to Support Mental Health & Athletes

The Canadian HBC Foundation, the charitable arm of Hudson’s Bay Company in Canada, announced that it has raised $1.35 million for mental health programs and to support Canadian athletes through its 18th Annual HBC Foundation Golf Tournament and Spa. The funds raised are part of the US and Canadian HBC Foundations’ commitment to distribute $6 million (CAD) to mental health initiatives across North America by 2020, and a $2.5 million (CAD) commitment by the Canadian HBC Foundation to the HBC Athlete Bursary program.

business.financialpost.com

Corona Canada Commits to Plastic-Free Packaging by End of 2019

Corona Canada has announced in recognition of World Oceans Day on Saturday June 8th that it will be moving to plastic-free packaging, with a commitment to complete the transition by the end of 2019.

canadianbeernews.com

Canada ‘Blew’ Its Chance to Be the World’s Pot Leader

Canada “blew it” on cannabis legalization and is rapidly losing ground to the U.S. as a result, according to the founder of one of the top investment banks to the industry.

A lack of policy innovation, a messy patchwork of provincial regulations and severe restrictions on marketing and branding have left Canadian pot companies eating the Americans’ dust, according to Neil Selfe, founder and chief executive officer of Infor Financial Group Inc.

“I think we had a real chance to be global leaders,” Selfe said in an interview at Bloomberg’s Toronto office. Yet eight months after Canada legalized recreational cannabis, Selfe sees Canopy Growth Corp. as the only Canadian pot company he would classify as a global leader, with big U.S.-focused firms outpacing the rest even though marijuana is still illegal at the federal level.

bloomberg.com

Fashion industry cleans up its act by tackling environmental and ethical issues

The fashion industry is one of the biggest industries in the world worth some $3 trillion and growing. It also has a huge environmental impact consumers may not be aware of.

globalnews.ca