Sears Canada’s 18,000 pension members and beneficiaries have a new administrator for their underfunded retirement plan, the first step towards winding the plan down as the retailer readies for mass liquidation sales to begin this week. Ontario’s Superintendent of Financial Services said Tuesday that it has appointed Morneau Shepell to take over the administration of the plan, operating at a deficit of $267-million, effective immediately. “The Superintendent has determined it is inevitable that the Sears plan will need to be wound up, although the effective date and details of the wind up are still to be determined,” the Financial Services Commission of Ontario (FSCO) said in a statement Tuesday... (Hollie Shaw, Financial Post)
Roots Corp., the Canadian retailer known for its casualwear and leather goods, raised C$200 million ($160 million) in its initial public offering after cutting the price below its targeted range, according to people familiar with the matter. The Toronto-based retailer sold shares at C$12 a piece, below its previously disclosed range of C$14 to $16 each, said the people who asked not to be identified because the matter is private. The company still raised C$200 million after selling shareholders increased the amount of shares offered, they said.
BonLook, the Montreal-based omnichannel eyewear company known for its fashion flair and distinctive style, is proud to announce a new design collaboration with eight time Canadian champion, three time world champion, and Olympic champion, Tessa Virtue. The Tessa Virtue X BonLook Collection will feature two signature frames - optical and sunglasses - to be co-designed and co-developed by Tessa Virtue and BonLook's in-house team of creative directors and designers.
The retailer uses a team of dancers to bring some energy to its lifestyle collection.
It’s almost as if Business News Network (BNN) planned it this way, but former Sears Canada VP David Zietsma appeared on one its shows October 12 to talk about the department store’s downfall. Less than 24 hours later, Toronto portfolio manager David Baskin appeared on the network extolling the virtues of Amazon.com, Inc. (NASDAQ:AMZN), while also spreading some more doom and gloom about brick-and-mortar retail. Don’t believe everything you read about retail...