Latest news with #ReflectAdvisors
CTV News
09-06-2025
- Business
- CTV News
Apparel brand Oak + Fort to restructure amid tariff woes
A person carries bags after shopping at the McArthurGlen Designer Outlet in Richmond, B.C., Thursday, Dec. 26, 2024. THE CANADIAN PRESS/Ethan Cairns VANCOUVER — Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025.
Yahoo
08-06-2025
- Business
- Yahoo
Apparel brand Oak + Fort to restructure amid tariff woes
VANCOUVER — Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
03-06-2025
- Business
- Globe and Mail
Hudson's Bay seeks court approval for $30-million Canadian Tire deal
Hudson's Bay is expected to return to court Tuesday morning to seek approval for a $30-million deal it signed with Canadian Tire Corp. Ltd. CTC-A-T If the deal gets the OK from Ontario's Superior Court, Canadian Tire will be able to buy the rights to Hudson's Bay's intellectual property, which includes its name, its coat of arms and its iconic stripes. Court documents have also shown the deal includes the Bay's Distinctly Home brand, its Hudson North apparel line and trademarks like 'Bay Days' and the Zellers catchphrase 'lowest price is the law.' Inside the final days of Hudson's Bay Hudson's Bay demise leaves large swaths of empty retail space in its wake The move to get approval for the Canadian Tire deal comes months after Canada's oldest company filed for creditor protection and days after it closed all 96 of the stores it ran under its Bay and Saks banners on Sunday. Hudson's Bay has said the sale and closures were necessary because the 355-year-old company was not able to attract an investor to keep some semblance of the current business alive. Canadian Tire wound up being the winner of the Bay's trademarks after the company and its advisers invited 407 people and firms to bid on the intellectual property and other assets. Adam Zalev, co-founder of Bay financial adviser Reflect Advisors, said in court documents that 17 bids were received. Thirteen were for intellectual property, but Canadian Tire's was 'superior to all other bids considered,' he said. Hudson's Bay is expected to ask for a document describing why it chose Canadian Tire to be sealed because it contains commercially sensitive information, including the amounts offered by the next highest bidders. On top of taking over the trademarks, Canadian Tire will also assume a contract Hudson's Bay has with Pendleton Woolen Mills, an Oregon-based blanket and clothing maker. After Hudson's Bay and Pendleton disagreed about the use of some multistripe and 'point' motifs in 2009, they reached a settlement that gave Pendleton a licence for some Bay trademarks. Aside from being asked to approve the Canadian Tire deal, a court is also expected to hear two other Bay motions Tuesday. The first is from RioCan Real Estate Investment Trust REI-UN-T, which has a joint venture with the Bay. The venture has leases for 12 properties the department store used, but RioCan wants to put the partnership into receivership to protect its stakeholders and maximize the value it can recover. Receivership is a process allowing a third party to take control of a company's assets, oversee their liquidation and repay creditors. The court will also be asked to recognize the Bay as the former employer of all the department store's workers who have been terminated. The declaration will allow the Bay's 9,364 staff, including more than 8,300 who have already lost their jobs, to recoup money they may be owed from the retailer under the Wage Earner Protection Program Act. People who qualify under the federal program can earn up to $8,844.22 this year.
CTV News
03-06-2025
- Business
- CTV News
Hudson's Bay heads back to court to seek approval for Canadian Tire deal
This composite image shows signage of Canadian Tire, left, and the Bay. THE CANADIAN PRESS/Sean Kilpatrick, Pawel Dwulit TORONTO — Hudson's Bay is expected to return to court Tuesday morning to seek approval for a $30-million deal it signed with Canadian Tire Corp. Ltd. If the deal gets the OK from Ontario's Superior Court, Canadian Tire will be able to buy the rights to Hudson's Bay's intellectual property, which includes its name, its coat of arms and its iconic stripes. Court documents have also shown the deal includes the Bay's Distinctly Home brand, its Hudson North apparel line and trademarks like 'Bay Days' and the Zellers catchphrase 'lowest price is the law.' The move to get approval for the Canadian Tire deal comes months after Canada's oldest company filed for creditor protection and days after it closed all 96 of the stores it ran under its Bay and Saks banners on Sunday. Hudson's Bay has said the sale and closures were necessary because the 355-year-old company was not able to attract an investor to keep some semblance of the current business alive. Canadian Tire wound up being the winner of the Bay's trademarks after the company and its advisers invited 407 people and firms to bid on the intellectual property and other assets. Adam Zalev, co-founder of Bay financial adviser Reflect Advisors, said in court documents that 17 bids were received. Thirteen were for intellectual property, but Canadian Tire's was 'superior to all other bids considered,' he said. Hudson's Bay is expected to ask for a document describing why it chose Canadian Tire to be sealed because it contains commercially sensitive information, including the amounts offered by the next highest bidders. On top of taking over the trademarks, Canadian Tire will also assume a contract Hudson's Bay has with Pendleton Woolen Mills, an Oregon-based blanket and clothing maker. After Hudson's Bay and Pendleton disagreed about the use of some multistripe and 'point' motifs in 2009, they reached a settlement that gave Pendleton a license for some Bay trademarks. Aside from being asked to approve the Canadian Tire deal, a court is also expected to hear two other Bay motions Tuesday. The first is from RioCan Real Estate Investment Trust, which has a joint venture with the Bay. The venture has leases for 12 properties the department store used, but RioCan wants to put the partnership into receivership to protect its stakeholders and maximize the value it can recover. Receivership is a process allowing a third-party to take control of a company's assets, oversee their liquidation and repay creditors. The court will also be asked to recognize the Bay as the former employer of all the department store's workers who have been terminated. The declaration will allow the Bay's 9,364 staff, including more than 8,300 who have already lost their jobs, to recoup money they may be owed from the retailer under the Wage Earner Protection Program Act. People who qualify under the federal program can earn up to $8,844.22 this year. This report by The Canadian Press was first published June 3, 2025. Tara Deschamps, The Canadian Press
Winnipeg Free Press
30-04-2025
- Business
- Winnipeg Free Press
In the news today: Deadlines near for Hudson's Bay and its leases
Here is a roundup of stories from The Canadian Press designed to bring you up to speed… As deadlines near for Hudson's Bay and its leases, there are glimmers of hope Two deadlines that will determine the fate of Hudson's Bay are coming this week, but hope may already be on the horizon. Anyone interested in buying Canada's oldest company or assets like the rights to its iconic Stripes brand has until today at 5 p.m. to submit binding proposals. Hudson's Bay and those overseeing the sale have not said whether any suitors have made a formal pitch for the business or its non-lease assets, but the company's financial adviser Reflect Advisors has said there has been 'a high level of interest.' Separate from that sales process is another for properties held by the department store chain or its sister Saks businesses. Binding bids for the leases are due Thursday. It's tax deadline day today, April 30 For most Canadians, today is the last day to file your taxes, which is especially important if you need to avoid late penalties and interest on amounts owing. The deadline for self-employed workers to file to the Canada Revenue Agency is June 16, though interest on any outstanding balances begins accruing after today. Late tax filers could see a five per cent penalty on their balance owing and an additional one per cent for each full month that they delay filing after the due date, to a maximum of 12 months. Tax experts say it's still important to file your taxes on time even if you can't pay the amount owing in order to avoid an even higher bill from late-filing fees. Here's what else we're watching… It has been 50 years since the fall of Saigon Seventy-year-old Tan Hoang vowed he would never return to Vietnam after fleeing the country with his family on a makeshift wooden boat. He says officers in Vietnam remind him of the communist soldiers who once stormed and captured Saigon. The fall of Saigon 50 years ago today marked the end of the two-decade-long Vietnam War. Hoang said he plans to gather this afternoon with other Vietnamese Canadians at an Edmonton community centre for a sombre event marking the anniversary. Hoang and the others are a part of a large exodus of people from Vietnam referred to as the 'boat people.' During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. Ontario eyeing teachers' college change: documents Documents obtained by The Canadian Press suggest the Ontario government is considering shortening the length of teachers' college in order to address a worsening shortage of educators. A freedom-of-information request on teacher supply and demand came back with research the Ministry of Education conducted last year on the supply issue and the length of initial teacher education programs. Highlighted in the summary of the document on teachers' college are findings that longer programs do not make better teachers. Ontario teachers' college programs are typically two years, divided into four semesters, but that has not always been the case. Telus tops watchdog's tally of telecom complaints A new report says Telus is now the most complained-about telecom service provider in Canada. The mid-year report by Canada's telecom complaints watchdog says it handled almost 12,000 gripes from customers between August 2024 and this January. That's up almost 12 per cent from the same reporting period a year earlier, as customers complained most about their wireless services and internet. The watchdog says it's the first time since it was established in 2007 that Telus has topped the ranking, surpassing Rogers, which has held the title for two years. This report by The Canadian Press was first published April 30, 2025.
