Sears Canada’s bankruptcy monitor is investigating more than a half billion dollars of controversial dividend payments that the retailer made to its shareholders years before the defunct department store chain was declared insolvent last year. In a court filing this week, court-appointed bankruptcy monitor FTI Consulting said it had identified “potential transactions of interest” in the ongoing court proceedings, including a $102 million special dividend payment issued to Sears Canada shareholders at the end of 2012 and a $509 million special dividend issued at the end of 2013...
The retailer was in steep decline when the dividends were issued: In 2012, Sears Canada recorded an operating loss of $83 million and, in 2013, it declared an operating loss of $188 million.
Grocery delivery service gains access to digital flyer capabilities and more
Australia’s complaint argues that Canada’s distribution, licensing and sales measures discriminate against imported wine