January 19, 2015 Volume
“Life isn’t about finding yourself. Life is about creating yourself.” —George Bernard Shaw (Irish author and playwright, 1856-1950)
Target announces withdrawal from Canada
MINNEAPOLIS — Target Corporation has put its operations in Canada into receivership, with plans to shutter its stores here within just a few months.
Target arrived in this country to much fanfare through the takeover of 133 Zellers store locations in 2013. Now, Target Canada Co., which is a wholly-owned subsidiary of the giant U.S. retailer, has filed an application for protection under the Companies’ Creditors Arrangement Act with the Ontario Superior Court of Justice.
Brian Cornell, Target’s new chairman and CEO, admitted that the Canadian stores just did not perform during Christmas— despite heavy advertising through the holiday season, especially of products such as toys, which are aimed at young mothers, a key Target demographic. He noted that, “we did not see the required step-change in our holiday performance,” adding that “we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021.”
Target Canada, which has 133 stores and employs 17,600 people, is seeking court approval to put $70 million into an employee trust, which would provide 16 weeks’ wages plus benefits for Canadian employees, which is the minimum required under the Ontario Employment Standards Act for terminations that affect more than 500 employees.
Target Canada wants to use Alvarez & Marsal Canada to oversee the liquidation and wind-down process. Subject to Court approval, head office has committed to provide a US$175 million debtor-in-possession credit facility to finance the Canadian subsidiary’s operations.
The stores will remain open during the liquidation process. Then Target intends to sell off the real estate. The whole process of exiting this country is expected to cost between $500 million and $600 million. The company expects to report approximately $275 million of pre-tax losses on discontinued operations in fiscal 2015. In addition, Target expects to report a pre-tax loss in its fourth quarter of upwards of $5.4 billion, driven primarily by the write-down of the Canadian operation.
back to top
Cam White to step down at Taiga, Trent Balog to take over
BURNABY, B.C. — Taiga Building Products Ltd. has unveiled a succession plan for its senior management. Effective March 31, Cam White will step down as CEO. At the same time, Trent Balog, currently Taiga’s executive vice president operations and COO, will take over White’s role as CEO.
White, a founding member of what has become the modern-day Taiga Building Products organization, has been directly involved in the growth of the company since its inception in 1973. He has been president and CEO since 2010 and prior to that held a number of roles with the company, including sales manager, vice president, and COO. He will continue on with Taiga in a consulting role, supporting management while also continuing with his responsibilities as a director of the company.
Stepping in as CEO, Balog brings 30 years of management experience to his new role. He has been with Taiga since 1994, serving as pressure-treated wood sales manager and vice president–Western Canadian Operations before assuming his current COO position. He held management roles with MacMillan Bloedel prior to joining Taiga.
Under Balog’s direction, a new senior executive team has been assembled to lead the company. The team, which will report to Balog, consists of: Grant Sali, EVP, supply management and chief procurement officer, an industry veteran who has been with Taiga since 1990; Mark Schneidereit-Hsu, VP finance and administration and CFO, who will continue to lead the accounting, finance, HR and IT functions for the business; and Russ Permann, EVP operations and COO.
back to top
Goodfellow continues expansion in Western Canada
DELSON, Que. — Lumber retailer Goodfellow Inc. has announced the addition of a branch in Saskatoon effective February 1.
The company is calling the opening (a former Guardian Building Products facility) a key step in its “commitment to serving the Saskatchewan market with our growing product assortment.” Chris Jacobs, formerly with Guardian Building Products, will take on the role of branch manager.
The new location is part of an initiative to expand into Western markets, and follows the naming of Jeff Morrison as general manager for Goodfellow’s National Building Products business and the appointment of Wes Clifford as general manager in the Prairies. Last year, it also moved a DC in B.C., relocating to Richmond.
As of the end of its 2013 fiscal year, Western Canada accounted for 10% of Goodfellow’s sales.
back to top
Canadian Tire unveils new private brands for spring
TORONTO — Outdoor living, products to fit smaller spaces, and new proprietary brands were key features of a preview last week by Canadian Tire.
According to Mike Magennis, VP, merchandising for Canadian Tire’s seasonal, gardening, outdoor tools, backyard living, and fun businesses, 400 items were being featured for the coming spring and summer season, of which 375 are brand new and 140 are exclusive to Canadian Tire.
In an effort to “help the consumer navigate the change across the seasons,” the retailer worked with its vendors to manage assortments and introduce more private-label products.
“Canvas” is one brand exclusive to Canadian Tire, which was introduced during Christmas 2014 but was expanded considerably for this spring. It includes outdoor furniture for yards and smaller items designed for condo living. According to the Canadian Tire buyers on hand to guide visitors through the displays of products, a new trend is “fireside,” highlighted by fire tables—stylish, propane-fuelled receptacles for a patio or condo deck. The Canvas line also included a gazebo, teak furniture, and outdoor rugs.
Canadian Tire has secured an exclusive on the venerable Woods brand of camping equipment. “We think camping is going to be really big this summer,” said John Rocha, associate vice president for the category, thanks to the severity of the winter and the low cost of gas. The Woods line is aimed at “the proficient camper,” he added, with higher-end tents, Muskoka chairs, lanterns, cooler bags, etc. An air mattress called the Wind Catcher inflates 20 times faster than a regular mattress using new technology to draw in additional air while a user inflates it. “This is the ‘must-have’ product for this year,” Rocha said.
back to top
Automotive Account Manager
This position will be responsible for growing top line sales, profit and
market share for our Automotive business in Canada. Key accounts include
Canadian Tire, NAPA and other regional business. This position will be
responsible for the following:
- Strategic planning, development, and implementation of business plans to expand and develop new business opportunities.
- Achieving results through strategic category management, sales models & proformas.
- Building & executing customer programs
- P&L and Budget Management
- Negotiation of yearly account agreements
- Manage line reviews
- 3+ yrs of sales experience with Major Accounts Retail Management
- 2+ years experience Managing P&L (and financial support tools)
- Knowledge of Automotive Retail Segment (or related hardware segment)
- Knowledge of Canadian Tire and/or NAPA
- Bachelors Degree required or equivalent experience required
To apply, go to: http://careers.sherwin-williams.com/jobs/18890