Top Stories: National

HBC activist investor vows to replace chairman if bid to take company private fails

Activist investor Jonathan Litt vowed to replace the chairman of Canadian retailer Hudson’s Bay Co. if a bid to take the company private fails.

The investor said the actions of the chairman, Richard Baker, and his buyout group, demonstrate he should be removed from the board. Litt said he would call a meeting to replace Baker with an unnamed “respected former executive” if Baker’s bid to take the company private didn’t get support.

“Baker’s attempt to disenfranchise minority shareholders by offering a woefully inadequate price clearly pits him against the minority shareholders,” Litt said in a letter to shareholders Thursday.

beta.canada.com

Square brings new checkout device to Canada as competition in sector increases

Canadian checkout counters could soon look quite different as a Silicon Valley giant looks to shake up the retail payment space – dominated by the ubiquitous grey terminal –with a new option introduced Thursday.

Square Inc., which started about a decade ago with a smartphone-based credit card scanner used mainly by small businesses, has launched a device in Canada aimed at disrupting a market of larger retailers dominated by Canadian banks.

Square’s white plastic device, called the Terminal, replaces the physical keypad design with a glass touch screen that it says allows for more clarity at checkout with a variety of display options, such as a full breakdown of the bill.

Jesse Dorogusker, head of hardware at Square, said the portable device with a built-in receipt printer and ‘all day’ battery life is also easily updated to take advantage of the company’s latest software offerings, unlike some of the more limited designs commonly found at the checkout.

canadianmanufacturing.com

Loblaw won’t face lawsuit over Bangladesh factory collapse after Court Refusal

One of the country’s largest retailers is finally off the hook for the devastating collapse of a garment factory in Bangladesh six years ago.

In a decision on Thursday, the Supreme Court of Canada refused to hear a group of Bangladeshi victims and relatives who wanted to sue Loblaw over the tragedy.

The key issue in the lawsuit was whether a Canadian court had jurisdiction to consider the claim — of importance to companies that source product from abroad.

Both Ontario’s Superior Court and Court of Appeal had previously denied the plaintiffs class-action certification in their quest for $2 billion in compensation.

business.financialpost.com

Aldo Is Ditching Single-Use Shopping Bags in Its Stores

Aldo Group is continuing its eco mission, this time taking on shopping bags. After announcing last September that it had taken steps to become carbon neutral in its operations (the first fashion footwear and accessories company to gain such certification), the Montreal-based firm has now vowed to make a change in its Aldo and Call it Spring stores, to eliminate single-use shopping bags.

The company estimates that through this initiative roughly 7 million single-use Aldo shopping bags will be eliminated globally, the equivalent to 12,773 bags per average store.

footwearnews.com

Canadian Tire to buy Party City’s Canada business for $174.4 million

Department store and online retailer Canadian Tire Corp Ltd reported lower-than-expected quarterly profit on Thursday, hurt mainly by lower margins in its petroleum retail business.

The company said net fuel margins per litre fell in a competitive market, which has also been hit by the implementation of a carbon tax in some regions.

Net income rose to $203.8 million, or $2.87 per share, in the second quarter ended June 30 from $174.4 million, or $2.38 per share, a year earlier.

business.financialpost.com

Cineplex Inc. Reports Record Second Quarter Results

Cineplex Inc. ("Cineplex") today released its financial results for the three and six months ended June 30, 2019. Unless otherwise specified, all amounts are in Canadian dollars.

newswire.ca