Reitmans will shutter 77 Addition Elle and 54 Thyme Maternity stores across Canada as part of its restucturing process, the Montreal-based retailer announced Tuesday.
In addition to its eponymous chain focusing on work clothes for career-aged women, Reitmans also runs the Addition Elle, Thyme Maternity, RW & Co. and Penningtons chains.
As past of the restructuring process, Reitmans has decided to permanently close Addition Elle and Thyme Maternity. The former focuses on plus size fashions. The latter on maternity wear.
The move will result in the loss of about 1,400 jobs — 1,100 in store and about 300 at head office.
Reitmans has been around sine 1926 but the COVID-19 pandemic hurt the retail business hard. (Evan Mitsui/CBC)
“The strategic decision to close two beloved Canadian fashion brands was not made lightly, but it is necessary to enable our business to move forward as a profitable organization,” CEO Stephen Reitman said.
“All of the efforts we put forth to turn these brands around were derailed by the COVID-19 pandemic and, unfortunately, we can no longer afford the required resources to bring them back to profitability.”
Locations of both chains are set to reopen in the coming days, subject to physical distancing restrictions across the country, but the two retail chains will be in wind-down mode, liquidating as much inventory as possible to pay back creditors.
The last day for Thyme Maternity will be July 18.
The last day for Addition Elle will come the next month, on August 15.
Company wide, before the restructuring process began Reitmans had 576 stores across Canada, including 259 Reitmans, 106 Penningtons and 80 RW & CO. locations. Many stores for the surviving three brand names will also close, as the company plans to put more focus into selling online.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
