Latest news with #TaraDeschamps
CTV News
3 days ago
- Business
- CTV News
U.S. court case sees Saks Global accuse lender of contributing to Bay's demise
TORONTO — Saks Global is putting some of the blame for Hudson's Bay's demise on one of the faltering department store's top lenders. A letter Saks Global filed in a New York lawsuit against Pathlight Capital LP says the lender's failure to support Hudson's Bay and its move to allegedly deprive it of much-needed financing led it to seek creditor protection. Saks Global was formed last year, when Hudson's Bay purchased Neiman Marcus and Bergdorf Goodman and spun them out with its existing Saks Fifth Avenue into a new company. Court documents say that transaction was made possible in part because Pathlight agreed to release Saks Global from obligations under a loan the Bay had in exchange for millions in payments. Now, Pathlight is suing Saks Global because it has yet to be paid US$8.8 million it is owed. The U.S. court battle comes as Hudson's Bay and its Canadian Saks stores approach their final weekend of liquidation sales before the locations close for good. This report by The Canadian Press was first published May 30, 2025 Tara Deschamps, The Canadian Press
Yahoo
3 days ago
- Business
- Yahoo
U.S. court case sees Saks Global accuse lender of contributing to Bay's demise
TORONTO — Saks Global is putting some of the blame for Hudson's Bay's demise on one of the faltering department store's top lenders. A letter Saks Global filed in a New York lawsuit against Pathlight Capital LP says the lender's failure to support Hudson's Bay and its move to allegedly deprive it of much-needed financing led it to seek creditor protection. Saks Global was formed last year, when Hudson's Bay purchased Neiman Marcus and Bergdorf Goodman and spun them out with its existing Saks Fifth Avenue into a new company. Court documents say that transaction was made possible in part because Pathlight agreed to release Saks Global from obligations under a loan the Bay had in exchange for millions in payments. Now, Pathlight is suing Saks Global because it has yet to be paid US$8.8 million it is owed. The U.S. court battle comes as Hudson's Bay and its Canadian Saks stores approach their final weekend of liquidation sales before the locations close for good. This report by The Canadian Press was first published May 30, 2025. Tara Deschamps, The Canadian Press Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Hudson's Bay heads into last days of sale with lots of shoppers, little merchandise
TORONTO — Hudson's Bay is headed into its last weekend of liquidation sales with its Toronto flagship teeming with shoppers looking for one last treasure from the department store. Even before the Yonge Street location opened Friday, scores of shoppers waited in front of the doors, strategizing how to find the best deal. When they made it inside, they found $10 Levi's jeans for men, $5 corsets for women and $15 pajama sets. There were also plenty of furniture and fixtures for sale, including plastic fruit, stacks of woven baskets and row upon row of mannequins. Shopper Alysha Robinson considered herself lucky to have snagged decorative white and gold pumpkins and Easter eggs she will use for displays at her cannabis store, but said it was sad to see store shelves so empty. All 80 Hudson's Bay stores and 13 under its Saks banners are due to close by Sunday. This report by The Canadian Press was first published May 30, 2025. Tara Deschamps, The Canadian Press Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Vanguard, UofT launch AI partnership that will create several research labs
TORONTO — U.S. investment advisor Vanguard and the University of Toronto are teaming up to create several labs dedicated to artificial intelligence. The pair say their partnership is aimed at advancing AI research and innovation for investors and the financial services industry. The labs will house professors, post-doctoral fellows and students who will collaborate with Vanguard's existing Toronto-based AI research team. The research is to focus on ensuring AI systems are ethical, can interact with humans naturally and develop independent decision-making capabilities. Vanguard says the partnership will add about 70 staff to its AI team, bringing the group up to 90 members. The partnership builds on the University of Toronto's deep experience with advancing AI, a technology professor emeritus Geoffrey Hinton pioneered. This report by The Canadian Press was first published May 29, 2025. Tara Deschamps, 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
Yahoo
5 days ago
- Business
- Yahoo
Google, Competition Bureau battle over possible constitutional challenge in case
TORONTO — Canada's competition watchdog says it will fight a constitutional challenge from Google in a case alleging the tech giant abused its dominant position in the online advertising market. New filings made in the case say the Competition Bureau will ask the Competition Tribunal to strike Google's proposed motion to proceed with a constitutional challenge because the commissioner feels it is premature and without merit. Constitutional challenges question acts that could violate someone's rights or freedoms and often end up being precedent-setting. Google's challenge takes aim at the monetary penalty the bureau is asking the tech company pay, if it is found to have abused its dominant position in online advertising. The company says the penalty could wind up costing it billions, dwarfing the profits it generates in Canada and amounting to a total that is disproportionate to the allegations Google is facing. It argues the penalties would also breach the company's entitlements under the Canadian Charter of Rights and Freedoms, necessitating a constitutional challenge. This report by The Canadian Press was first published May 28, 2025. Tara Deschamps, 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
