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The application sought authorisation for fifteen vehicles to support the company’s tool and plant hire operations. However, investigations revealed significant
TORONTO — Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.
TORONTO — Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.
In a late Friday announcement, Canada’s oldest company said it couldn’t secure the necessary financing to keep at least some of its empire alive.
A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13…
The Tokyo-based society conducted the internet questionnaire survey on 93 men in their 10s to 50s who had received support from the organization. All of them gave their answers.
Respondents who started online gambling after learning of it on “advertisements or social media” accounted for 23.7 %, the biggest group.
Those who “became interested by watching videos on YouTube or other services” came next at 22.6 %.
Other popular answers included they “liked gambling and games” and “friends or acquaintances recommended” online gambling to them. Of the total, 30.1 % started borrowing money “within a week” after using online casino services for the first time, and an additional 33.3 % did so “within a month.”
One week after they commenced proceedings under the Companies’ Creditors Arrangement Act for creditor protection, Hudson’s Bay announced late Friday night that it had filed documents with the Ontario Superior Court of Justice indicating that it has only secured limited financing that will require the full liquidation of the entire business.
Court documents show that the company owes more than $950 million to creditors, including suppliers and landlords.
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A store-by-store liquidation process will begin as soon as next week.
Despite this, the company said it remains hopeful that key…
Though the situation looks bleak, the company is holding out hope for a Hail Mary. It said it remains optimistic that it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.
“Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates who have shared heartfelt stories about Hudson’s Bay and what our stores have meant to them, their families, and their communities across the generations,” Hudson’s Bay president and CEO Liz Rodbell.
“These powerful experiences remind us why we must continue to pursue every possible opportunity to…
Kenneth Philpott described being terrified of the people he was working for.
Kenneth Philpott (64) was pulled over after being spotted by gardai driving in a bus lane,
Philpott of River Forest, Leixlip, Kildare, pleaded guilty at Dublin Circuit Criminal Court to possession of the drugs on April 10, 2024. He has no previous convictions.
Passing sentence yesterday, Judge Martin Nolan said certain parties had taken advantage of his gambling debt to traffic these drugs. He said Philpott had made a huge misjudgement in agreeing.
The judge took into account the mitigation in the case including his co-operation, good history, work record and the level of fear and coercion involved.
Judge Nolan said drugs offences such as this were “well trodden…
Zimbabwe’s public debt has surged by $3 billion to $21 billion following the recapitalization of the Mutapa Investment Fund. The fund received $1.9 billion, while $900 million was allocated to the Reserve Bank of Zimbabwe. Critics argue that the fund lacks transparency, raising concerns about governance and financial oversight. Analysts warn that this debt increase could jeopardize Zimbabwe’s ability to secure debt relief from international creditors. The government faces growing pressure to provide more accountability regarding the fund’s operations, as economic challenges and high debt levels continue to strain the country’s financial stability.
Contractor RobertsCo appointed voluntary administrators to its Victorian business late on Friday – a move The Australian Financial Review foreshadowed – after failing to stem losses on two projects it took over after acquiring the operations of collapsed builder Probuild in 2022.
RobertsCo’s other operations were not affected by the appointment of McGrathNicol’s Jason Ireland and Matthew Caddy and would keep trading, but RobertsCo’s Victorian sites would close immediately, the administrators said.
The application sought authorisation for fifteen vehicles to support the company’s tool and plant hire operations. However, investigations revealed significant overlaps between PHS Group SW Ltd and the recently insolvent Purple Hire Solutions Ltd, including shared business addresses, contact details, operating centres, and familial ties among directors.
Notably, Purple Hire Solutions Ltd had substantial unpaid tax liabilities, with a shortfall to HM Revenue and Customs (HMRC) amounting to £818,253. The company had previously prioritised payments to suppliers over settling its obligations to the public purse, a practice that undermines fair competition and places compliant businesses at a disadvantage.
Elizabeth Ayoola, a personal finance writer at NerdWallet, said the survey also found 65% of participants reported doing this to make extra money.
A lot of people indicated they love to gamble. Ayoola cautioned that if gambling is a frequent activity, it should be factored into a budget to prevent financial strain.
“At NerdWallet we suggest the 50, 30, 20 budget, which is that 50% of your income goes to needs, 30% to wants and then 20% to debt and savings,” Ayoola said. “So, ideally, the gambling money should come out of that 30% bucket which is your wants in spending.”
