Net revenue rose 10.2 per cent to $174 million, up from $157.9 million in the second quarter last year, as the retailer opened more stores.
RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) is pleased to announce that it has entered into agreements with Sears Canada Inc. (“Sears”), which received court approval on October 4, 2017. Sears is currently subject to restructuring proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). RioCan and its co-owner Hudson Bay Company (“HBC”) have secured a surrender agreement with Sears for its location at RioCan Oakville Place, in Oakville, Ontario for a fee of $4 million (at 100%). In addition, at Garden City Shopping Centre in Winnipeg, Manitoba, RioCan and its co-owner Bayfield Realty Advisors (“Bayfield”) have entered into an agreement to purchase the freehold interest in the Sears location for a purchase price of $8 million (at 100%).
The Ottawa-based company was responding to allegations levelled by Citron Research, which accused Shopify in a report Wednesday of being “the promoter of the hottest new ‘get rich quick’ scheme on the internet"...
The Canadian e-commerce firm saw its shares fall for a second day Thursday after losing 11.5 per cent on Wednesday.
After a seven-year long break from mass advertising in Western Canada, Loblaw put the Real Canadian Superstore brand back on TV last month in a new advertising campaign that emphasizes fresh produce and low prices. The centrepiece minute-long commercial opens in a Superstore produce department with an employee extolling the chain’s quality and low prices. He then heads out on the road to showcase Superstore’s “freshest” food alongside some of the rest of the best of Canada: the longest swinging bridge, tallest tree, fastest man and strongest woman. “We’re not just a store, we’re Superstore. And we don’t do average,” he says...
Some retail experts believe even if Sears Canada succeeds in striking a deal with a buyer, the retailer is destined to shut its doors.