Genesco still good value
Posted on March 8, 2010 at 9:22 amThe Street has hiked its earnings estimates for Genesco by 8 percent in less than two months and the retailer’s shares (Ticker: GCO) are up 30 percent in three weeks, but Bill Wilton at Zacks says investors should still take a look.
SEE ALSO: Women’s Wear Daily’s take on the company’s strong Q4 as well as some info on its first Canadian stores.
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Looking out for Canada
Posted on January 12, 2010 at 10:32 amKroll’s Fraud Solutions, a provider of data incident management and identify theft response services, is expanding its offerings in Canada.
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Another rollout for Cybera
Posted on January 8, 2010 at 10:50 amA small contract with a growing Canadian sporting goods retailer has turned into a big deal for networking services firm Cybera.
SEE ALSO: Cybera hooks up Family Christian
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Canadian OK for BioMimetic
Posted on November 4, 2009 at 7:27 amCanada’s health regulators have given BioMimetic Therapeutics the go-ahead to market its Augment Bone Graft product via an Ontario-based distributor. It’ll be for sale in time for Christmas.
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Nortel’s Canadian pensioners ‘losing out’
Posted on August 4, 2009 at 11:42 amAs bankrupt Nortel continues talks about the sale of its businesses, its Canadian pensioners are growing increasingly uneasy about their compensation. The Pension Benefit Guaranty Corp.’s takeover of the telecom company’s U.S. estate on July 17 came as a good news to its pensioners stateside, but their roughly 17,500 Canadian counterparts say that development came at their expense.
Diane Urquhart, an independent financial analyst who is representing Nortel’s Canadian pensioners, has published a report on the bankruptcy situation and sent a letter to Ted Menzies, Parliamentary Secretary of Finance.
When one takes into account the prospects for the Nortel Canada estate having a much higher loss or compromise, at say, close to -$0.90 per $1.00 creditor claim compared to -$0.60 for the Nortel US estate, the difference in bankruptcy outcomes between the Nortel Canadian pensioners, long term disabled and terminated employees and the U.S. hedged bond owners with a profit of $0.28 per $1.00 face amount of debt, is flagrantly abusive and crass.
Nortel’s 17,500 Canadian pensioners, Urquhart said, are seriously disadvantaged relative to the other creditor groups in the Nortel realm:
The Nortel hedged bond owners are making an estimated profit of 28 percent. The majority of Nortel U.S. and U.K. pensioners are covered by robust public pension insurance plans; and the U.S. and U.K/EMEA unhedged and unsecured creditors are expected to have much higher recoveries due to their considerable power being used to deplete the Canada estate to date and to extract a considerable proportion of the pending cash proceeds from sale of the businesses.
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Sitel cuts another 400 jobs
Posted on June 25, 2009 at 9:26 pmThe Nashville-based call center manager appears to have embarked on a major reshuffle. It will close its Port Arthur, Texas facility at the end of August, shedding 409 jobs. That news comes just days after the company, a unit of Canada’s Onex conglomerate, said it would shutter a 350-job center in Ontario.
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Sitel shutting down Canada center
Posted on June 24, 2009 at 8:51 amThe call center operator will shed 350 jobs by closing its facility in Sudbury, north of Toronto. The two-year-old site had at one time been expected to employ 1,000 people.
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Sharing the load at LP
Posted on June 20, 2009 at 2:08 pmThe Nashville building products supplier is taking part in a work-sharing program supported by a Canadian government employment insurance program.
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Franklin medical equipment firm acquired
Posted on May 1, 2009 at 9:01 amOntario-based Prism Medical has bought Dignity Inc., a local supplier of patient handling and moving equipment. Dignity makes its products in the U.S. and Canada.
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A world of pain
Posted on April 13, 2009 at 3:14 pm“Prudence pays off,” or so concludes Cushman & Wakefield Inc.’s Economic Pulse report, an analysis of the recession and its effect on the Americas. According to the report, the US’ neighbors to the north and south will take their fair share of the downturn, but countries in South America may actually bounce back from the global recession stronger than before.
Mexico, the report says, is in a strong position in that its real estate market never ballooned so prices remain relatively stable. Likewise, Canada is reaping the benefits of a conservative banking system. However, that’s not to say the countries haven’t seen the side effects of the US’ toxic economy. The Mexican peso has been devalued 50% in the last 5 months. Canada is also experiencing its highest unemployment number since 2003, with 7.7%.
South American countries remain largely isolated from the global troubles, that is except for “those with GDPs linked to a limited number of commodities and lacking sounding fiscal
and monetary policies (particularly Bolivia, Ecuador and Venezuela),” the report concludes.
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LP plays environmental hardball up North
Posted on March 11, 2009 at 10:23 am
Louisiana-Pacific wants to shut down the pollution control devices at its Manitoba OSB factory, a move that would save it at least $3 million and keep the plant viable until the housing market recovers. If it’s not allowed to do so, the company (Ticker: LPX) says it is “highly conceivable” that it will have to shut down the plant.
Not surprisingly, environmentalists and economics aren’t too pleased with the options being presented to the Manitoba government.
“Pollution is a cost to society. In effect what (the company) is saying is, ‘It’s costing us money to run our pollution control devices so we want to get rid of that cost and instead impose the cost on society at large in the form of pollution,’” he said. “This is the first I’ve heard of anything like … It sounds like desperation.”
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Canadian mining firm files Chapter 11
Posted on January 15, 2009 at 4:55 pmFrom NashvillePost.com’s Tom Wood:
Canadian mining firm Strategic Resources Acquisition Corp., which opened a zinc mine in Gordonsville early last year but shuttered it within months as commodity prices plummeted, has filed for Chapter 11 reorganization in Nashville’s federal bankruptcy court. It lists debts of $50 million to $100 million. The company disclosed in a statement today that it has recently failed to make bond payments.
Subsidiary Mid-Tennessee Zinc Corp., which operated the Gordonsville facility, took Chapter 11 at the same time. B. Gail Reese of the Nashville office of Wyatt, Tarrant & Combs filed the petitions on behalf of the companies.
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