Article Abstract:
Cash-strapped department store chain T Eaton Co Ltd of Toronto, Ontario, has announced that it was able to secure C$35 million in additional financing under its $270-milion credit facility. The additional fund, which is not dependent on merchandise levels, has been provided by Eaton's syndicated credit providers, GE Capital and Congres Financial. Some of the chain's suppliers have withheld their fall shipments due the Eaton's failure in paying them on time.
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Article Abstract:
Hudson's Bay Co has appoints George Heller as the new president following the resignation of william Fields. Heller wants to establish a clear direction for Canada's largest department store, which failed to build major business gains under Fields' term. The company's stock performance recorded 12-year lows as market analysts project low 1998 profits, particularly with Hudson's price war with competitor T Eaton Company Ltd.
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Article Abstract:
The 500-member National Apparel Bureau has demanded assurance from retail chain Hudson's Bay Co that it will not penalize suppliers who have no choice but to sell privately labelled goods to Eaton's liquidators for clearance sales. The company has earlier wrote to suppliers urging them not to provide goods to T Eaton Co Ltd or its liquidators for the closing sales becuase such move would be disloyal to Hudson's Bay.
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