Hudson's Bay shares continue to climb

Article Abstract:

Hudson's Bay Co shares continued its ascend following the retailer's refusal to comment on rumors that it is a takeover target. The list of companies rumored to be potential buyers for Hudson's include Cincinnati, OH-based Federated Department Stores Inc, Sears Canada Inc of Toronto, Canada, and Plano, TX-based J.C. Penney Co. The department-store chain issued a statement concerning the takeover speculation, but one analyst said that the statement served to further fuel the rumor, even if the statement was intended to put the rumor to rest.

Securities prices, Hudson's Bay Co.

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Eaton's fails to find takers for 30 of 59 earmarked stores

Article Abstract:

T Eaton Company Ltd has failed to find buyers for approximately 30 of the 59 stores it put up for sale, but asserted that unsecured creditors will receive substantial amount of money for what the insolvent retailer owes them. The company intended to generate money from the sale to pay off debts, which amounted to around C$330 million at the time of bankruptcy filing on Aug 23, 1999. Eaton's court-approved monitor stated that there are enough funds to satisfy Eaton's unsecured creditors.

Asset sales & divestitures, Facilities & equipment

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Some Eaton suppliers cut shipment

Article Abstract:

Department store chain T. Eaton Company Ltd has reported a loss of C$72 million for 1998, about 2 1/2 times more than predicted it would lose three months earlier. The company projected a profit of C$58 million for the year when it went public in 1998. However, the company was pulled down by restructuring charges and writeoffs resulting from the sale of excess merchandise at low prices. Eaton's suppliers are cutting back on their as a result of the company's poor financial performance.

Sales, profits & dividends, Department stores

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