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When Olivia Glauberzon pulled up to the loading docks at two Hudson’s Bay stores last Wednesday, she had suitcases in tow and a plan to fill them with remaining product from After9, her company selling athleisurewear for moms.
As she got out of the car at the flagship downtown Toronto and Oakville, Ont., stores, she noticed she had plenty of company.
“The loading dock was full of small cars like mine, so that’s how I had a feeling there were a lot of vendors in the Bay that day doing what I was doing,” said Glauberzon.
She wanted to take back her apparel because she can make more by selling it herself rather than leaving it to be caught up in the Hudson’s Bay clear-out.
The former star of Channel 4’s SAS: Who Dares Wins and his wife Emilie were the directors of Sway and Starting Limited before it went into liquidation at the end of 2022.
The Government’s Insolvency Service found that the couple were taking millions of pounds out of the company at the same time that taxes were not being paid.
Some £385,000 in VAT and £869,000 in corporation tax was owed between 2019 and 2022.
But the pair had taken out about £3 million from the company in the form of a directors’ loan by the time it went into liquidation at the end of 2022, the service said.
Sway and Starting, which was described as offering media representation services, was set up to manage income from Middleton’s television and media…
An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.
The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.
With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million…
An grocery store employee restocks Canadian-made dairy products in Montreal on Tuesday, Feb. 4, 2025.Christinne Muschi/The Canadian Press
Buy Canadian movement starts to take a sizable bite out of U.S. business
The rallying cry to “Buy Canadian” – fuelled by trade tensions with the United States – has started to leave a sizable mark on American business, early data from a variety of industries suggests. U.S. tour operators are reporting booking declines of as much as 85 per cent and American distilleries are losing major deals. Traffic across some major border crossings in tourism states such as New York has also dropped. Meanwhile, Canadian grocers are posting a bump in domestic product sales of up to…
A recent paper published in the New England Journal of Medicine calls for regulations to protect customers’ personal and genetic data in light of biotech company 23andMe’s uncertain future.
The genetic testing firm became wildly popular after launching in 2007, with millions of customers sending in saliva samples for analysis to learn about their ancestry and genetic makeup.
The company was valued at $6 billion, or $17.65 a share, shortly after going public in 2021. It has since fallen to about $48 million, or $1.78 per share, after a 2023 data breach and resignation of some board members. The firm said in January that it’s exploring “strategic alternatives,” including a sale of the company or assets, restructuring, or…
23andMe, once a leader in genetic testing, has filed for bankruptcy after a massive data breach disrupted its operations and thwarted buyout attempts.
What does this mean?
Co-founded by Anne Wojcicki, 23andMe revolutionized genetic testing with its consumer kits launched in 2007, earning accolades as a groundbreaking innovation. But regulatory issues surfaced in 2013 when the FDA halted sales over validation concerns. Though resolved by 2015, sales declined, even after partnering with GlaxoSmithKline in 2018. Going public via a SPAC in 2021 didn’t help, overshadowed by a 2023 data breach affecting 6.9 million users. Wojcicki’s efforts for a buyout failed, leading to the company’s insolvency.
