Suitors vie for Cotton Ginny

Article Abstract:

Cotton Ginny Ltd., a Toronto, Ontario-based retailer which operates 309 stores across Canada, will be sold. Among the potential buyers are Dylex Ltd. and Suzy Shier Ltd. Cotton Ginny's stores operate under the name Cotton Ginny, Tabi International and Cotton Ginny Plus. A quiet auction has attracted bids from three retailers and two investment groups, which are also offering for the company. Cotton Ginny reported annual sales of C$150-million in 1997, according to its CFO Kevin Kurnik. Kurnik said that the company plans to keep its war room open until the end of July 1998.

Comment:

Toronto, Ontario-based retailer which operates 309 stores across Canada, will be sold

Asset sales & divestitures, Apparel & Shoe Stores, Clothing and Clothing Accessories Stores, Cotton Ginny Ltd.

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Barrett warns B of M may ditch some services if merger fails

Article Abstract:

Bank of Montreal Chairman Matthew Barrett has warned Ottawa's possible rejection of its proposed merger with Royal Bank of Canada will prompt the bank to eliminate some lines of business, putting risks on the job security of its workers. However, an approval of the merger, according to Barrett, will give the combined operations productivity gains of approximately 10% over five years, which could be achieved by restructuring and focusing on profitable businesses. Both banks said job cuts that would result from the combination will be carried out through attrition.

Comment:

Its merger w/ Bank of Montreal, if not successful, will prompt latter to eliminate some lines of business

Commercial Banks, Commercial Banking, Acquisitions & mergers, Quebec, Bank of Montreal, Royal Bank of Canada

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GM slashes 1,100 jobs in Ontario

Article Abstract:

General Motors of Canada Ltd (GM) off 1,100 employees in Southern Ontario feb 24, 1999. The job cuts covering 20% of its workers at two facilities in St Catharines were made to minimize costs and boost the automaker's market share. The Canadian Auto Workers union intend to use the layoffs as a major issue for the coming labor negotiations. GM originally had 39,000 employees for Ontario and Quebec, which has dropped to 3,700 after cost- cutting.

Labor force information, Motor Vehicles, Automobile and Light Duty Motor Vehicle Manufacturing, General Motors of Canada Ltd.

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