Highlights / bankruptcy

Economy

Pandemic drives maple sugar shack dining rooms out of business

One half of the establishments in the province of Quebec that serve traditional maple syrup meals have had to close their dining rooms because of restrictions due to the COVID-19 pandemic. There are many operators who tap maple trees to »

Economy, Society

Small business cries foul over new lockdown in Ontario

With substantial increases in people testing positive for COVID 19, Canada’s most populous province renewed some lockdown rules on businesses in Toronto and neignbouring Peel region. This means in-person shopping will be prohibited except for essential stores like supermarkets, hardware, »

Economy, International, Society

COVID financial worries stressing business owners

With COVID emergency orders having resulted in the shut down of many small businesses this summer, and clientele reduced even when open, many business owners are feeling the pressure. A survey in the last week of August by Canada’s Business »

Economy, Society

Canadian clothing retailer Le Château seeks bankruptcy protection

Canadian clothing retailer Le Château Inc. announced Friday that it is seeking court protection from creditors to allow it to shut down and liquidate its assets after nearly 60 years of operations. The company, which employs about 1,400 people across »

Society

David’s Tea to transition to online sales amid restructuring

The Canadian based tea chain, David’s Tea is planning on restructuring its business under the Companies’ Creditors Arrangement Act (CCAA), which is a Canadian federal law that covers insolvent companies and allows them to restructure their business and financial affairs. »

Arts & Entertainment, Economy, Society

Virus takes down more retailers, big and small

With shopping prevented for weeks now in many retail outlets, business has been suffering enormously. Pier 1, which at its height had over 1,200 stores in the U.S and Canada had already sought bankruptcy protection due to slowing sales when »

Economy, Society

Canadians in financial crisis are on the rise

In 2019, 375 Canadians per day sought financial protection or debt restructuring Canadian consumer insolvencies jumped dramatically at the end of 2019 to the highest level in almost a decade. There were over 35,000 insolvencies filed in the last quarter »

Economy, International, Society

This is the end: Another Canadian shopping tradition closes

Once upon a time, shoppers in Canada were spoiled with Canadian options. Giant department store chains, upscale and discount, were widespread. Now another of these familiar retail names will fade completely into history. The last two Zeller’s stores will close »

Society

Anger at Sears prompts legal action, social media furor

Fury at the terms of the bankruptcy of the big retailer Sears Canada have spawned a social media furor and a legal motion. People took to the internet to call for a boycott after they learned the retailer was going »

Economy, Politics, Society

Employer/employee contracts, when guarantees for workers are not guaranteed after all.

Giant retailer Sears Canada has filed for bankruptcy protection. In its efforts to restructure,  the firm will close dozens of its stores, and cut its staff by almost 3,000 people. Sears Canada had employed about 17.000 people, some 10, 500 of »