As the extent of the COVID-19 catastrophe became clear last spring, Toronto entrepreneur Marcus Fraser thought first of his family, then he thought of his friends, worried what this would mean for all of them.
“My third thought was, ‘Oh crap, I’m out of business,'” he said.
Fraser makes high-end clothing. He imports material from China and sells to retailers across North America.
In that instant, he knew retail sales were about to be decimated, international shipping would grind to a halt. But then, he imagined a path forward.
“I know how to do stuff; I know how to import things,” he said. “I know how to make things. And guess what, we need things.”
Fraser initially thought ‘oh crap, I’m out of business,’ then realized that his expertise in imports and garments could be of use. (Evan Mitsui/CBC)
So, Fraser started hustling. Within days, he was scrambling to get a whole new line of products made and ready for what he assumed would be a wave of demand. He says there’s notthat muchdifference between hooded sweatshirts and surgical gowns.
“We just picked up and started making materials,” he said. “Gown contracts started to come in. Mask contracts started to come in and we just forged ahead.”
Today, his company has sold more than 300,000 gowns for use in hospitals across Ontario. He’s sold another 100,000 masks. He’s expanded too — landing a contract to put a series of vending machines in Toronto transit hubs to supply masks, PPE and what the machine bills as other “stay safe essentials.”
“This is probably the most fulfilling thing I’ve ever been part of,” said Flavio Volpe, head of the Automotive Parts Manufacturing Association.
“I call it the largest peace-time mobilization of Canada’s industrial capacity.”
I just went to pick up mask prototypes from @WoodbridgeGroup in Vaughan. <br><br>They’re working around the clock to get PPEs in production for front line staff.<br><br>I’m driving them to <a href=”https://twitter.com/McMasterU?ref_src=twsrc%5Etfw”>@McMasterU</a> in Hamilton who stepped up to evaluate them ASAP.<br><br>This is us. No wasted hours. <a href=”https://twitter.com/hashtag/StepUp?src=hash&ref_src=twsrc%5Etfw”>#StepUp</a> <a href=”https://t.co/rVJMslUUAK”>pic.twitter.com/rVJMslUUAK</a>
He put out a call to his members in March. Plants had been shut down to prevent the spread of the virus. Volpe asked who would be willing to retool their assembly lines to make medical equipment. He called on people in his industry to “do our part and step up“.
He was overwhelmed by the response. Dozens of companies answered the call, which he says they should be immensely proud of.
Volpe says the great retooling of industrial capacity is a shining example of just how creative and how flexible Canadian companies really are.
“Canadians understand now better than they used to that there’s dignity in making things,” he said.
WATCH | How automakers retooled to respond to pandemic needs:
Flavio Volpe, of the Automotive Parts Manufacturing Association says dozens of companies retooled their entire production lines to build life saving equipment. He calls it the biggest peacetime industrial mobilization in Canadian history. 0:59
Flexibility on display
Economists agree. The health of any economy can be measured in terms of productivity gains, in entrepreneurship and technological innovation. In report after report, Canada has lagged behind.
Bloomberg ranked Canada 22nd on its innovation index. Productivity rankings of G7 countries places Canada below the G7 average.
So, experts like Pedro Antunes, chief economist at the conference board of Canada, see the pivots companies made last spring as a hopeful example of what’s possible.
Workers at Mitchell Plastics, an auto parts company with a factory in Kitchener, Ont., have retooled their production line to make face shields for health care workers. The company can make about 18,000 a day. (Nick Purdon/CBC)
“For a lot of Canadians, myself included, I never would have thought we could see such a transition in manufacturing,” he said. Volpe says he always knew these companies could be responsive — and it was never just about keeping the businesses afloat.
“I think at their core, they want it to show everybody how committed they were to their workforce and the families that work for them and to their own families,” he said.
That’s not to say it’s all been smooth. Distillers, who had pivoted their operations to produce hand sanitizer and donated tens of thousands of litres, were disappointed when the federal government later signed agreements to buy it from larger suppliers — and not them.
Like other distillers, Tyler Dyck, president Craft Distiller’s Guild of B.C., pivoted from whiskey making to hand sanitizer in March, and donated thousands of litres. Then, the federal government signed agreements to buy sanitizer from larger suppliers. (Curtis Allen/CBC)
Fraser says he’s never worked this hard. He’s entered into a sector he once knew nothing about, selling an entirely new product line to an entirely new clientele. And after all that new business, he says he’s still just filling a giant COVID-sized hole in his books.
“As much as I’ll take the business,” he said, “all it’s doing is replacing business that isn’t there.”
And now, as the crisis drags into its tenth month, Fraser’s filled some of the bigger contracts. Work is starting to slow down again. That existential dread that comes with running a company is creeping back into his thoughts.
“Will we make it?” he asked. “I don’t know.”
But he does know he bought himself time, and maybe helped some people along the way. He used to joke that no one was curing cancer in the fashion industry. Nowadays, he’s not so sure.
“I don’t know if it saved somebody, but it certainly helped somebody.”
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
