Tim Hortons’ Canadian reorganization complete
New York City Tim Hortons has completed the reorganization of its corporate structure to become a Canadian public company.
The company started to take steps over the summer toward the reorganization.
In June, Tim Hortons made a regulatory filing with the U.S. Securities and Exchange Commission and said its proposed reorganization would include a combination with a newly formed subsidiary. The company would then become a wholly owned subsidiary of a business also named Tim Hortons under the Canada Business Corporations Act.
Tim Hortons said at the time that the reorganization would help to streamline its operational and administrative functions and help it expand in Canada and overseas.
The chain would also be able to take advantage of lower Canadian tax rates starting the year after the reorganization. Tim Hortons emphasized that it still planned to grow its U.S. business.
Study shows rise in consumer confidence
NEW YORK The Reuters/University of Michigan Surveys of Consumers found that the final index of sentiment for September rose to 73.5 from 65.7 in August, indicating that the economy is improving and consumer confidence is on the rise.
According to reuters, the index was at its highest level since January 2008. Economists polled by Reuters had a median expectation for a reading of 70.3, according to a Reuters poll.
“The same pace of gains in confidence continued in late September as the economic news reaching consumers grew even more positive,” the Reuters/University of Michigan Surveys of Consumers said in a statement. “Consumers reported that the economy had already begun to improve and anticipated further gains in the year ahead.”
Toys’R’Us eliminates ‘R’ Us exec role
WAYNE, N.J. Toys”R”Us has eliminated the position of EVP, president of “R” Us brands, and as such has terminated the employment of Ron Boire.
According to an SEC filing, the company ended Boire’s employment on Sept. 22. Boire had been serving has EVP, president of “R” brands since February.
In the filing, Toys”R”Us stated that Boire has not advised the company of any disagreement with the company or any matter relating to the company’s operations, policies or practices.