Latest news with #JasonThompson
CBC
17-03-2025
- Business
- CBC
Thunder Bay, Ont. business left in limbo after Hudson's Bay creditor protection filing
An Indigenous-led business in Thunder Bay, Ont. faces a significant financial hit after Hudson's Bay Company entered creditor protection last week. Hudson's Bay is delaying payments to nearly 2,000 secured and unsecured creditors as it struggles with nearly $1 billion in debt. Jason Thompson, owner of Superior Strategies Inc., says he is owed more than $80,000 by the 400-year-old Canadian retailer after supplying thermal printer rolls through his Warrior Office division. He was told multiple times that payment was forthcoming, but he now faces uncertainty as the company undergoes court-supervised restructuring. The financial strain has been immense for the Indigenous-owned business, which fronted $55,000 in supplier costs to fulfill the order. Thompson says he initially saw the deal as an opportunity for growth, especially given the timing of Hudson's Bay's first outreach on Sept. 30, 2023—National Day for Truth and Reconciliation. "I was assuming Hudson's Bay was doing some good things around reconciliation," he told CBC. "Being a smaller business, I [saw] this as an opportunity to grow." However, what started as a promising partnership has now turned into a financial headache. Thompson negotiated a 90-day payment term, reduced from Hudson's Bay's original request of 120 days. When payment failed to arrive at the end of January 2024, he began reaching out to the company. His inquiries were initially met with responses, including direct communication with Hudson's Bay CEO Liz Rodbell. A finance department representative assured him a payment plan was in place, with installments beginning in April. However, in the weeks leading up to March 7, when the first payment was expected, communication from Hudson's Bay went silent. Then, last week, the company announced it had filed for creditor protection under the Companies Creditors Arrangement Act (CCAA), freezing payments to suppliers while it seeks financial restructuring. The retailer, which owes millions to vendors and landlords, admitted in court filings that it has fallen behind on payments and may close up to half of its 80 stores. Under the CCAA process, companies can restructure their debts, often leaving unsecured creditors—like small businesses—receiving only a fraction of what they are owed. Some experts estimate suppliers in retail insolvencies may receive less than 20 cents on the dollar if anything at all. Rodbell explained the company's decision to file for creditor protection in a company statement. "Earlier this year, we worked with potential investors to refinance a portion of our credit facilities to improve our liquidity and support our business plan. However, the threat and realization of a trade war has created significant market uncertainty and has impacted our ability to complete these transactions," she said. In a statement to CBC, Hudson's Bay said it was a difficult but necessary decision to seek creditor protection. "As part of the CCAA process, payments to creditors including vendors are stayed at this time," wrote Tiffany Bourré, the company's vice president of corporate communications. "The company is exploring strategic alternatives and engaging stakeholders to explore potential solutions to preserve and restructure its business." During the 17th to 19th century, the Hudson's Bay Company relied heavily on Indigenous peoples for fur trading, leading to economic dependence, disruption of traditional ways of life, and the displacement of many communities. Later, the company said they are committed to reconciliation and racial equity, including a $30 million commitment over 10 years to support Indigenous communities and address the impacts of the Indian residential school system. How should the Hudson's Bay Company reinvent itself? 9 days ago Duration 9:14 Canada's oldest retailer, which operates the Hudson's Bay department stores, announced it is seeking creditor protection on Friday, but that it intends to hold onto many of its prominent locations. Retail strategist David Ian Gray said scaling down and exploring their own product lines could be options for the ailing department store chain. But now, Thompson says the experience has made him question corporate commitments to Indigenous economic reconciliation. With Indigenous vendors left in financial limbo, he wonders what that commitment truly means. "The horrors and atrocities and the trials and tribulations for us Indigenous people are well documented. Yet, this is how [they're] going to continue to proceed without even entering into any dialogue with us," said Thompson. "Hudson Bay Company's been around for such a long time and it's a big part of the history of Canada. So I'm hoping that there will be an available plan of some sort. But I really hope that the focus is on ensuring that the small companies are looked after," he said.
Yahoo
06-03-2025
- Health
- Yahoo
'A miracle': Lawmakers approve covering IVF treatment for state employees after tearful debate
Several Utah representatives shared personal stories of struggling to conceive Wednesday during a tearful debate as the Legislature voted to authorize coverage for fertility treatments for state employees. Freshman Rep. Jason Thompson, R-River Heights, was 'honored' to support SB242, which he called the 'most personal' bill of the session. 'For many couples, the journey to parenthood is natural and straightforward. However, for some — including my wife and I — it was not,' Thompson said, his voice breaking with emotion. 'Our struggle with infertility was emotionally devastating, causing immense distress, anxiety, doubt and a profound sense of incompleteness and failure.' But thanks to in vitro fertilization, Thompson said he and his wife are now the 'proud parents of six children.' 'In vitro fertilization was not just a treatment, it was a miracle,' he said. Utah has a pilot program to provide $4,000 for IVF and other fertility treatments for state employees, but under SB242, that would expand to cover all 'qualified assisted reproductive technology cycles.' Although IVF can cost up to $20,000 per procedure, fiscal analysts estimate the bill will cost taxpayers about $150,000 a year and raise insurance premiums for state employees by about 37 cents per member per month. 'This bill is great,' said Rep. Stephanie Gricius, R-Eagle Mountain, the bill's floor sponsor. 'It's going to help our state employees have the families they want, which is also going to make them happier, which we know leads to greater employee retention.' The bill is sponsored by Sen. Calvin Musselman, R-West Haven. Thompson wasn't the only lawmaker with a personal story to share about the miracle of IVF, and he wasn't the only one to grow emotional during debate. 'As someone who also is so grateful for this medical advancement so that I could have my little girl ... I am rising in support of this today,' said Rep. Candice Pierucci, R-Herriman. 'We are a pro-family state, and we do want to make it possible for them to expand their home.' 'I've got three beautiful little nieces today because of this particular procedure,' added Rep. Ryan Wilcox, R-Ogden. 'If we are truly a pro-family state, then this one should be pretty easy.' It was. SB242 passed unanimously Wednesday and will take effect July 1 if signed by Gov. Spencer Cox. 'For me, I don't ever want to stand in the way of two people and their ability to have a baby,' Gricius said. 'We want everybody to have as many as they want because that is the Utah way.'
