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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

  Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic. Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly. The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures. The liquidation sales are set to run until June 15, with...
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Gas Prices Drive Canadian Inflation Down to 1.6%

 

In a significant economic development, Canada’s annual inflation rate fell to 1.6% in September, primarily due to a substantial decrease in gasoline prices. This marks the lowest inflation rate since February 2021, surpassing analysts’ expectations of 1.8%.

Statistics Canada reported that gasoline prices dropped by 10.7% year-over-year, contributing significantly to the overall decline in the consumer price index, which decreased by 0.4% month-over-month. Despite the reduction in headline inflation, core inflation measures, which exclude volatile items like food and energy, remained steady at 2.3% and 2.4%.

This data comes ahead of the Bank of Canada’s interest rate announcement on October 23, providing crucial insights into the country’s economic health. The central bank will likely consider these figures when making decisions about monetary policy adjustments.

The decline in inflation offers some relief to Canadian consumers, who have been grappling with high prices over the past few years. However, the steady core inflation indicates that underlying price pressures persist, suggesting that the path to sustained low inflation may still face challenges.


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