Sears Canada Inc. plans to liquidate its remaining stores with the loss of about 12,000 jobs, unable to fend off the march to online shopping after operating in malls and towns across the country for 65 years.
The Toronto-based chain will seek court approval for the filing on Friday and begin liquidation sales at its remaining 150 stores on Oct. 19 at the earliest, according to a statement Tuesday. The move follows a last-minute attempt by executive chairman Brandon Stranzl, backed by Blackstone Group LP, to put together an offer to save the retailer.
But the company said it didn’t receive a viable bid to keep the stores operating as a going concern. Sears Canada filed for creditor protection in June with liabilities of C$1.1 billion ($880 million) and had been gradually closing its 225 stores.
The retailer is the latest victim of department-store decline that’s swept North America as shoppers gravitate online. While the retailer has dabbled in pop-up stores and e-commerce, its distribution centers aren’t as automated as Amazon.com Inc. or even Canadian peer Hudson’s Bay Co., which last year opened its own robotic facility to accelerate online orders.
Sears Canada has struggled to provide a consistent, appealing brand to its customers across all of its channels, including its website, social media and physical stores, he said. The company has reported nine years of sales declines and years of losses, according to data compiled by Bloomberg.
more at: https://www.bloomberg.com/news/articles/2017-10-10/sears-canada-to-file-for-liquidation-after-getting-no-viable-bid
Neenah Grows Technical Products Platform with Agreement to Acquire Coldenhove
Neenah Paper, Inc. today announced it had signed a definitive agreement to purchase all of the outstanding equity of W.A. Sanders Coldenhove Holding B.V. (“Coldenhove”). Coldenhove is a specialty materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products.
Coldenhove has annual sales of over $45 million with EBITDA of approximately $6 million. The company’s advanced media is a critical component used in dye sublimation, a growing method of digital image transfer. The purchase price is expected to be approximately $45 million, subject to final closing adjustments, and will be financed with available cash and short term borrowings. Closing is expected to occur on November 1, and is subject to customary conditions.
“This acquisition adds to our technical products portfolio with products, technologies and a customer base that nicely complement our existing digital transfer business, further accelerating our participation in profitable growing markets,” said John O’Donnell, Chief Executive Officer. “From a financial perspective, the investment provides an attractive return on capital, is immediately accretive, and will deliver mid-teen EBITDA margins in a growing market.”
http://ir.neenah.com/investors/press-releases/press-release-details/2017/Neenah-Grows-Technical-Products-Platform-with-Agreement-to-Acquire-Coldenhove/default.aspx