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sweetlyeclecticvoid · 6 years

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@font-face { font-family: 'Merriweather'; font-style: normal; font-weight: 400; src: local('Merriweather Regular'), local('Merriweather-Regular'), url('https://ift.tt/2KKpCkM) format('truetype'); } @font-face { font-family: 'Merriweather'; font-style: normal; font-weight: 700; src: local('Merriweather Bold'), local('Merriweather-Bold'), url('https://ift.tt/2N00qDj) format('truetype'); } @font-face { font-family: 'Raleway'; font-style: italic; font-weight: 400; src: local('Raleway Italic'), local('Raleway-Italic'), url('https://ift.tt/2KJYeTZ) format('truetype'); } @font-face { font-family: 'Raleway'; font-style: normal; font-weight: 400; src: local('Raleway'), local('Raleway-Regular'), url('https://ift.tt/2N00sep) format('truetype'); } By SHAWN VENASSE - Sales Representative "I KNOW TORONTO" Notwithstanding that its the middle of August and the dog days of Summer have just come & gone, it's still been a full week for real estate and real estate news.From Infographics comparing the real estate taxes of each province to calls from City Hall to the Premiere of Ontario to "pause" on his plan to rip City Hall up and recast it in his own image.Conflicting stories continue to dot the media landscape with some sources saying Toronto is still on the verge of it's bubble bursting while others are convinced that is no bubble and never has been. In fact, new data seems to be indicated that, if anything, prices will continue to soar -- especially those downtown where the new norm has become over $1,000/square foot! Crazy!All in all, it's been a quiet month for real estate, but then again it's August...so no surprises there!Thank you and enjoy,SHAWN VENASSE - Sales RepresentativeThe Elli Davis Team - Royal LePage RE Svcs Ltd, Brokerage55 St Clair Avenue West, Toronto, ON M4V 2Y7416-921-1112 office416-670-7042 [email protected] intended to solicit anyone under contract.For a complete review of all caveats, disclaimers, terms of use, privacy policy etc., please refer to https://www.publishthis.email/caveats,-disclaimers,-terms-of-use-and-privacy-policy-rkbCEZFsz snip.ly How Property Tax Differs Across Canada [REPORT] | Zoocasa VIEW MORE snip.ly The Average Mortgage and HELOC Payment Is Soaring In Toronto and Vancouver | Better Dwelli Canada's national housing agency crunched the numbers on the average debt payments, and they're soaring in Toronto, Vancouver, and Montreal. VIEW MORE snip.ly Canada's Sudden Population 'Boomlet' Is Boosting Housing A faster-growing population could mean higher mortgage rates. VIEW MORE snip.ly Canada's Sudden Population 'Boomlet' Is Boosting Housing A faster-growing population could mean higher mortgage rates. VIEW MORE snip.ly Toronto mayor asks Ontario premier to ‘hit the pause button’ on cutting council seats The provincial government tabled legislation last month that would see the number of city council seats reduced by nearly half in the October municipal election. VIEW MORE snip.ly Toronto infrastructure overwhelmed by rare storm, experts say | The Star More than 70 millimetres of rainfall was measured at Billy Bishop Airport in two hours on Tuesday night. The storm flooded basements, waterlogged streets and stalled public transportation. VIEW MORE snip.ly Flash flooding has created sickening mess in Toronto Harbour, water-monitoring group says A local water-monitoring group found sky-high levels of E. coli along the city’s waterfront after this week’s heavy rainfall. VIEW MORE snip.ly The key to affordable housing isn’t building more units — it’s better public transportatio Haider-Moranis Bulletin: Public-sector interventions seldom make a huge difference in housing markets, and neither do falling sales or prices VIEW MORE snip.ly Half of Ontario boomers willing to downsize | The Star But 63 per cent say they can’t afford to retire in their current location: Leger survey. VIEW MORE snip.ly How Property Tax Differs Across Canada [REPORT] | Zoocasa How does property tax differ across Canada? We compared the property tax rates of 25 major cities to see which municipalities pay the most and least taxes. VIEW MORE snip.ly How Much Does It Cost To Move | Zoocasa How much does it cost to move? Spending on the items, distance, and company, moving fees can differ. Here's what you need to know before... VIEW MORE snip.ly Toronto Real Estate - How long does it take for Millennials to save for a down payment?? - Toronto Real Estate - How long does it take for Millennials to save for a down payment?? Toronto Real Estate - As house prices in Toronto have increased dramatically over the past two decades, it has VIEW MORE snip.ly Waterfront tower expected to fetch among city's highest rents Toronto has an ambitious plan for its waterfront, and no address will be more in-demand than the towers on the shore line VIEW MORE snip.ly What Top Toronto Mayoral Candidates Are Saying About Housing Keesmaat has a proposal to build 100,000 affordable housing units; Tory boasts of the units he's already built. VIEW MORE snip.ly Creative hoarding coming to Toronto's Mirvish Village construction site The hoarding that surrounds the site of Toronto's Mirvish Village development — on the site of the former Honest Ed's discout store — has been painted with the stories of the community. Local artists VIEW MORE snip.ly Meet Jean Verville, Canada’s Most Experimental Architect Verville doesn’t design homes like the one you grew up in, unless you grew up on a spaceship in the distant future. VIEW MORE snip.ly Baby boomers looking to re-enter housing market | CBC News More than half of Ontario baby boomers consider big cities unaffordable for retirement, according to a new survey from Royal LePage. So they're considering moving out, or downsizing. VIEW MORE snip.ly Locals in Ontario’s cottage country prepare for battle with big-city home buyers Competition heats up as those shut out of big cities look north VIEW MORE snip.ly From Toronto to Sydney, it's the end of the global housing boom - BNN Bloomberg After a years-long surge in global capitals, property prices are starting to head lower. From Sydney to Toronto, here’s a look at what’s ahead. VIEW MORE snip.ly Toronto Housing Market Report | August 2018 Real Estate Trends & Stats | Zolo.ca Up-to-date real estate trends & stats for Toronto. Research sales history, average house & condo prices, current listing inventory, and total active listings. VIEW MORE blog.remax.ca 75% of GTA neighbourhoods see detached housing values increase from Q1 to Q2 in 2018 Quiet comeback for detached housing bodes well for GTA housing market Price appreciation in the second quarter of 2018 showed a marked improvement over Q1 figures, with the average detached housing va VIEW MORE snip.ly $5 million for a spacious suite in the Windsor Arms It's our Condo of the Week VIEW MORE snip.ly Cost of Living in Toronto Average prices of more than 40 products and services in Toronto, CanadaAug 2018. Prices of restaurants, food, transportation, utilities and housing are included. VIEW MORE snip.ly 5 Ways Millennials Can Become Homeowners If you’re a millennial, you’ll likely find what you’re about to read interesting and also irritating. According the the Urban Institute, the millennial generation has the lowest rate of homeownership VIEW MORE snip.ly The Latest in Mortgage News – Is the Housing Market Turning a Corner? - Mortgage Rates & M Tweet Share 0 LinkedIn 0 While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over VIEW MORE snip.ly Opinion | Toronto can solve its affordable housing crisis. Here's how The city’s housing affordability crisis acts as a fundamental limit on our future progress. The talent needed to fuel our economy can no longer afford to comfortably live here. VIEW MORE snip.ly Lack of homes on the market to drive Toronto real estate prices, realtors say TORONTO — A lack of homes for sale is expected to drive Toronto's sizzling housing market to another year of double-digit price increases, the city's real estate board said Tuesday. The Toronto Real E VIEW MORE snip.ly How Much Does It Cost To Move | Zoocasa How much does it cost to move? Spending on the items, distance, and company, moving fees can differ. Here's what you need to know before... VIEW MORE

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ralphmorgan-blog1 · 7 years

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Toys R Us Collapses Into Bankruptcy Thanks to Crushing Debt

Toys “R” Us Inc., the ultimate toyland for a generation of postwar baby boomers, filed for bankruptcy thanks to a crushing debt load from a buyout and relentless competition from warehouse and online retailers.

The retailer, which has 1,600 stores in 38 countries, said its hand was forced after an attempt to restructure out of court sparked a press report about a potential bankruptcy, spooking critical vendors and credit insurers. But it intends to make the best of the situation and revive its business in time for the holiday shopping season.

“Chapter 11 was certainly not the company’s preferred outcome,” Chief Executive David Brandon said in a court filing. “The timing of all of this could not have been worse.” He cited the immediate need to build inventory for the holiday season, which accounts for 40 percent of annual revenue. Thanks to a new $3.1 billion operating loan, the company plans to stabilize operations and reopen supply channels while in bankruptcy, he said.

The filing is the latest blow to a brick-and-mortar retail industry, which has seen a string of bankruptcies from Payless Inc. and Gymboree Corp. to Perfumania Holdings Inc. Chains are reeling from store closures, sluggish mall traffic and the gravitational pull of Amazon.com Inc.’s lower costs and global home delivery. More than 10 percent of U.S. retail space, or nearly 1 billion square feet, may need to close, convert to other uses or renegotiate rent, according to data from CoStar Group.

‘Unrelenting Race’

To compete with Amazon, Target and Wal-Mart, “Toys “R” Us would have needed to slash prices to maintain traffic into its stores, “decreasing its revenue and cash flows in an unrelenting race to the bottom,” Brandon said in the filing.

The reorganization will focus on investment in marketing, technology, and an in-store experience that will help it compete in the new environment, Brandon said. The bankruptcy filing in Richmond, Virginia, estimated the company has more than $5 billion in debt, which it pays around $400 million a year to service.

Much of that is the legacy of a $7.5 billion leveraged buyout in 2005 in which Bain Capital, KKR & Co. and Vornado Realty Trust loaded the company with debt to take it private. Since then, the Wayne, New Jersey-based chain has struggled to dig itself out.

The $3 billion loan, from a JPMorgan Chase & Co.-led syndicate that includes some existing lenders, will fund operations while it restructures the liabilities, according to a company statement. The funding is subject to court approval.

Staying Open

The company doesn’t plan to close stores and says its locations across the globe will continue normal operations. It’s 1,600 stores, which include Babies “R” Us, are complemented by sales through websites including Toysrus.com and Babiesrus.com.

Operations outside of the U.S. and Canada, including about 255 licensed stores, are not part of the Chapter 11 filing. A Canadian unit intends to seek protection in parallel proceedings. In Australia, Toys “R” Us plans to add another five stores to its existing 39 by Christmas, said Jessica Donovan, a local marketing manager.

“Like any retailer, decisions about any future store closings – and openings – will continue to be made based on what makes the best sense for the business,” Michael Freitag, a spokesman for Toys “R” Us, said in an email.

Mattel Inc., a key supplier, said it stands by the company. “As one of our most important retail partners, we are committed to supporting Toys ‘R’ Us and its management team as they work through this process, particularly as we approach the holiday season," the toymaker said in an emailed statement.

Dangerous Dominos

While Brandon made some progress in reducing the closely held chain’s liabilities, he ultimately was unable to resuscitate its fortunes. He took over Toys “R” Us in 2015 and sought to make shopping there a more enjoyable experience with product demonstrations and the “Hot Toy Finder” to help customers locate items. Last year, he set out a vision of kids “dragging their parents to our stores because they want to see what’s going on.”

Beginning in late August, the company tried to tackle its debt load through talks with term loan lenders. A Sept. 6 report that a bankruptcy was being considered “started a dangerous game of dominoes” in which the company lost the confidence of nearly 40 percent of its international and domestic vendors, who refused to ship products without cash in advance, cash on delivery, or payment of all outstanding obligations, according to Brandon’s court filing. This meant Toys ’R’ Us needed another $1 billion in liquidity.

The company’s roots date to 1948, when Charles Lazarus opened Children’s Bargain Town, a baby-furniture store, according to the Toys “R” Us website. He added toys two years later and opened the first Toys “R” Us in 1957.

The case is In re TRU-SVC, 17-34659, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond).