Sears Canada gears up for liquidation sales
It’s almost the beginning of the end for Sears Canada. The insolvent retailer will seek court approval on Friday to start a full liquidation that will be the final chapter written on the once-mighty retailer’s fall from grace. Ahead of the everything must go sales, we’re learning more about what happened behind the scenes in Sears’ race against the clock to keep the lights on. BNN's Paige Ellis will have all the details on how Executive Chairman Brandon Stranzl attempted to piece together a successful bid, plus insight on what kind of help Sears’ 12,000 employees can expect when they’re thrown out of work.
TRUDEAU MEETS TRUMP
Justin Trudeau is in Washington, D.C., just a hop skip and jump away from where NAFTA renegotiations will resume. The Prime Minister is scheduled to meet with the House Ways and Means Committee this morning before heading to the White House for a conversation with U.S. President Donald Trump. Presumably, the Bombardier-Boeing dispute will be on the agenda, along with trying to get a better handle on whether the president is serious about terminating NAFTA in order to get a good deal for the U.S.
IN CONVERSATION WITH BRAD WALL
We’re expecting to speak with Saskatchewan’s premier this afternoon for the latest on his war of words with Ottawa over TransCanada’s decision to pull the plug on Energy East. He has warned on national unity, dismissed the PM’s argument that market forces – not the regulatory landscape – were the pipeline’s death knell, and spared no vitriol in his condemnation of Montreal Mayor Denis Coderre. Don’t miss our interview with him on The Close.
SHOPIFY CEO VS CITRON
Evidently, Shopify CEO Tobi Lutke didn’t want to sit silent any more after six straight days of losses that saw his company’s stock plunge more than 20 per cent after it fell into Citron Research’s crosshairs. “The irony of an outfit like Citron accusing any business of being a get-rich-quick scheme should not be lost on anyone,” Lutke tweeted Tuesday afternoon, adding he plans to address claims by the “short-selling troll” during Shopify’s next earnings call. I guess the main question is whether it’s wise to wait until then.
REVENUE MINISTER AIMS TO QUELL RETAIL FIRESTORM
National Revenue Minister Diane Lebouthillier took to Twitter late yesterday in an attempt to clear the air and quell the controversy over how retail industry workers will be taxed. “There have been no changes to the laws governing taxable benefits to retail employees. We are not targeting individuals working in retail,” she wrote. “The [Canada Revenue] Agency … is committed to further clarifying the wording of the guidance…” If that’s the case, would be good to know who’s to blame for the misunderstanding.
OTHER NOTABLE STORIES:
-A 37-year-old Russian Bombardier employee has reportedly been set free in Sweden and cleared of bribery accusations
-Metro said today it will invest $400 million in its Ontario distribution network over the next six years, with 280 jobs being lost as a result of the modernization.
-Concordia International said today it's part of an inquiry by the U.K. Competition and Markets Authority.
-Thomson Reuters is expanding its footprint in Canada, announcing today it plans to spend US$100 million on a new technology centre in Toronto that will be home to up to 1,500 employees.
-Notable earnings: Delta Air Lines (10:00 a.m. ET conference call)
-Fourth round of NAFTA renegotiations begins in Arlington, Virginia (runs to Oct. 15)
-7:45 a.m. ET: Environment and Climate Change Minister Catherine McKenna delivers speech in London
-8:00 a.m. ET: IMF releases Global Financial Stability report
-9:50 a.m. ET: International Energy Agency Executive Director Fatih Birol speaks at Generation Energy conference in Winnipeg
-11:00 a.m. ET: Justin Trudeau and Foreign Affairs Minister Chrystia Freeland meet with House Committee on Ways and Means in Washington
-1:30 p.m. ET: WestJet unveils first Boeing 737 Max in its fleet
-1:45 p.m. ET: Trudeau arrives at the White House
-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting
-2:05 p.m. ET: Trudeau meets with Trump
-3:40 p.m. ET: Trudeau holds media avail at Canadian Embassy in Washington
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.