Latest news with #downtown
CTV News
11 hours ago
- General
- CTV News
1-block stretch of downtown street to close for park construction project
A one-block stretch of a downtown street will be closed Monday as part of the construction of a major new park. City crews will close 106 Street from Jasper Avenue to 102 Avenue for work on Warehouse Park including the construction of sidewalks, a bike lane and a storm sewer, and the installation of new lighting. The city started construction of the $42-million park located north of Jasper Avenue and between 106 Street and an alley west of 107 Street in July last year. Funding for it comes from the downtown community revitalization levy, and the park will be the size of three football fields. Warehouse Park An artist's overhead map of Warehouse Park, which is under construction in downtown Edmonton. Work on it is expected to be finished by the end of 2025. (City of Edmonton) The park's pavilion will have a public washroom, a bookable community space, seating and fireplaces. A portion of 107 Street will be converted into a pedestrian promenade. Work on it is slated to be finished by the end of the year.
CTV News
2 days ago
- Climate
- CTV News
Military to conduct aircraft exercise in downtown Calgary
Calgarians may notice increased activity in the skies around downtown on Wednesday night, as the military conducts an exercise involving helicopters. The Canadian Special Operations Forces Command (CANSOFCOM) confirmed it will be conducting an exercise on the western side of downtown. 'The people of Calgary can expect to hear CH-146 Griffons in the late evening for a limited duration. We ask that if anybody is nearby to not approach for their safety,' CANSOFCOM said in an emailed statement. It noted that the training is not connected to the G7 Summit. 'We thank the people of Calgary for their understanding as we conduct this important training,' the statement reads. The City of Calgary notified residents about the exercise in a social media post Wednesday, noting that it is weather permitting.
CTV News
2 days ago
- Business
- CTV News
Canada's retailers are in trouble and there's more to come: insolvency, restructuring experts
A shopper walks past an empty sales area at the flagship downtown Hudson's Bay store in Vancouver, on Monday, March 24, 2025. THE CANADIAN PRESS/Darryl Dyck The fall of Hudson's Bay and Saks Fifth Avenue Canada may give the impression that one of the hottest trends this year is the distressed look, but retail and insolvency experts say the company's demise is part of a now-annual pitter-patter they expect to continue. Since the COVID-19 pandemic, they've seen hundreds of retail businesses reach the brink every year. As a result, some restructured, others reduced their store count — and many closed for good. What they've observed mirrors federal government data showing insolvencies and bankruptcies in the retail sector have been rising over the past four years after a roughly 25-year decline. The latest data comes from April, when Canada recorded 56 insolvencies and 46 bankruptcies. A month earlier, the Bay filed for creditor protection, making it one of four retail companies that sought a reprieve in the first quarter of the year. 'The Hudson's Bay Company ... was kind of like a big flag for everyone and I think is setting the expectation that retailers are in trouble and there's more to come,' said Michael Basso, a partner in business restructuring and turnaround services for accounting firm BDO Canada. Experts, including Basso, say the trend is a reflection of many businesses that haven't been able to catch a break between the slow rebound from the health crisis, see-sawing consumer demand and a global tariff war. 'A lot of them have been just barely staying afloat since the pandemic ... so when the tariffs happened, they probably just couldn't withstand one more thing at that point,' said Dina Kovacevic, editor of Insolvency Insider, a Canadian newsletter detailing bankruptcy and creditor protection news. This year's onslaught has not just toppled Canada's oldest company, Hudson's Bay, but also left shopping districts without Montreal apparel business Frank and Oak and farm goods store Peavey Mart. Ricki's, Cleo and Bootlegger-owner Comark Holdings Inc., Vancouver clothing brand Oak + Fort and eyewear chain Hakim Optical got in on the action as well, filing for creditor protection and beginning restructurings. Several framed their troubles around the COVID crisis or pointed the finger at U.S. President Donald Trump's penchant for tariffs, but Kovacevic said 'the retail industry has been struggling for some time.' 'Tariffs may have been the final nail in the coffin but to put all or even most of the blame on tariffs wouldn't be fair,' she said. 'It's been a perfect storm of things beyond the retailers' control.' For many, the problems started long ago. When some shoppers moved online, many retailers misjudged the moment. They either didn't focus on e-commerce enough or leaned too far into it, cannibalizing their brick-and-mortar business. Others had a product mix that wasn't enticing customers away from competitors or pushing them to spend as their expenses rose. When the pandemic arrived, it magnified these issues and caused some companies to rethink their entire business models, only for new tariffs to emerge and take aim at their supply chains and pricing. The succession of troubles left companies taking on more and more debt to cover bills like rent, which in some cases, had become insurmountable. 'We in the insolvency community call it a reckoning of zombie companies,' said Kovacevic. Zombie companies are businesses so unable to generate enough revenue to operate the business, they rely on debt to stay alive. The number of Canadian zombie firms has been rising over the past few decades, with recent studies showing that the country's share could potentially be the highest in the world, researchers from Statistics Canada and the federal Department of Finance concluded in 2023. Basso attributes some of the increase to the loans and other financial support the federal government offered during the pandemic to companies that might not have been able to borrow that money. 'They had issues before the pandemic and would otherwise have gone down or been forced to restructure during the pandemic,' he said. 'The loans I think helped them have a chance to continue but are now saddling the balance sheets with debt ... they have no ability to pay off.' Such situations have driven many companies to their death. Others have looked for a way forward through the court system or businesses like Gordon Brothers, which are involved with appraisals, liquidation, fundraising and restructuring. At the start of the month, Gordon Brothers helped Canadian home goods and accessories retailer Linen Chest secure $35 million in credit to increase its 'liquidity and support future growth.' In December, it gave $120 million in financing to Toys 'R' Us Canada Ltd., which has been closing stores and building play centres at others. What all the companies Gordon Brothers has dealt with lately have in common is that the dynamics of their business — from supply chains to consumer demand — are 'changing much more quickly' than before the pandemic, said chief transaction officer Kyle Shonak. 'There's a lot of variables out there and unfortunately, there's no silver bullet for any of it,' he said. Some, like furniture businesses, have a glut of inventory from the pandemic, when people were feverishly revamping homes. As demand dropped, they didn't curtail production. Now, they need Gordon Brothers to help them offload pieces they have, ideally for the most money possible while setting up the business to avoid falling into the same trap again. At the same time, these companies and others are looking to Gordon Brothers to help them evaluate whether they have to raise prices or move production, storage or distribution of their products to cope with current tariffs or other crises that could be on their way. Gordon Brothers can help clients identify which of their products are less tariff prone or drum up financing to help those needing to switch manufacturers, but Shonak said, customers ultimately pay the price. 'The consumer at the end of the day is the one that pays for a lot of this stuff as it passes its way through the chain, but it affects everyone,' he said. This report by The Canadian Press was first published June 18, 2025. Tara Deschamps, The Canadian Press
CTV News
4 days ago
- Business
- CTV News
Former DND building being demolished in downtown Ottawa for new high-rise
The office tower at 110 O'Connor St., a former National Defence building in the core of downtown Ottawa, has been sold to developers who are considering a conversion to residential space. Ottawa, Ont., March 31, 2022. (Tyler Fleming / CTV News) A former Department of National Defence building in downtown Ottawa is coming down floor by floor. Demolition is in progress of 110 O'Connor Street, at the corner of Slater St. and O'Connor St. The building dates back from the early 1970s, previously serving as an office for the Department of National Defence. The 14-storey former government building with only the shell remaining, is set to be demolished and replaced with a residential high-rise containing up to 400 rental units. Groupe Mach is the property management that bought over the building for $40 million in 2021. Groupe Mach is one of the leading private real estate owners and developers in the country.
CBC
4 days ago
- Automotive
- CBC
Toronto launches 2-week 'enforcement blitz' for no stopping zones during rush hour
The City of Toronto and Toronto police are beginning a two-week "enforcement blitz" on Monday, targeting drivers who stop in no stopping zones during rush hour on major roads. Police parking enforcement officers "will be strategically deployed along high-traffic corridors in the downtown core" to enforce no stopping bylaws, according to a city news release Monday. Enforcement will increase on weekdays from 3 p.m to 7 p.m., the city said. Drivers could receive a $190 ticket and their vehicle may be towed if they stop or stand in these zones, the news release said. CBC Toronto has reached out to the city to ask which roads will be affected. No stopping zones are areas on a street where motorists are banned from stopping except to avoid conflict with other traffic or to comply with a police officer or traffic signals, the city said. These zones include key downtown corridors, areas near bus and streetcar stops, pedestrian crosswalks and fire hydrants. A full list of no stopping zones is available on the city's website. In April, city council directed city staff and Toronto police to carry out two "no stopping enforcement blitzes" this year — one by the end of June and another by the end of September, according to the news release. "The enforcement blitz is aimed at reminding drivers about the importance of obeying traffic signage to help keep traffic flowing, especially during the busiest times of day, and supports the city's comprehensive congestion management plan," the release said.
