Sears Canada will trim its store staff by 360 and shed 300 distribution center employees in a move to "right-size" the struggling retail operation in advance of Target's entry into the market this year.
Canada will begin phasing out its penny on Monday, driving significant investments by larger retailers in systems that round out payment amounts, according to a study by the Retail Council of Canada. About three-quarters of small and medium-size businesses will do the math by hand rather than spend upward of $100,000 on system upgrades, the study found.
Traditional British brands including Mulberry and Burberry still make some of their products in the UK, but the revitalization of the country's fashion manufacturing base is coming from smaller, more unexpected sources. Mary Portas created a UK-made lingerie brand in an empty factory, providing jobs and skills for formerly unemployed workers; David Hieatt revitalized a small town's abandoned jeans factory with a new made-in-the-UK brand.
India-based Tetley Tea owner Tata Global Beverages reported a 25% jump in fourth-quarter profits, fueled by strong tea and coffee demand. Tata is an equal partner with Starbucks in India, where the coffee brand has opened six shops and plans to grow along with the country's burgeoning middle class.
"The Dragons Den" star and entrepreneur Peter Jones has bought the Jessops brand out of administration and will launch the defunct UK camera retailer as an online-only enterprise, according to administrator PricewaterhouseCoopers.