first_imgNova Scotians will be able to start their applications for disaster financial assistance today, Oct. 16. “We know that people are going through a very stressful time and we want to do whatever we can to ease their burden,” said Premier Stephen McNeil. “This is another step in the rebuilding effort.” Affected residents can now make direct applications to the Disaster Financial Assistance Program. This program helps homeowners, small businesses, farmers and not-for-profit organizations recover from emergencies. It also provides support for municipalities. In recognition of the extent of damage and hardship being experienced, the program will cover up to $200,000 per household. Applications are available online at http://novascotia.ca/flooding and will be available next week at several locations, including Access Nova Scotia Centres, MLA offices, and town halls. Residents are asked to continue to assess damage, keep all receipts, and take pictures and video, as well as work with their insurance companies. Government continues to post updates on the flood at www.novascotia.ca/flooding .last_img read more


by The Associated Press Posted May 4, 2016 10:10 am MDT Last Updated May 4, 2016 at 1:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email FILE – In this Wednesday, Dec. 2, 2015, file photo, women pass an Aeropostale clothing store in New York’s Times Square. Aeropostale, once the vibrant epicenter of the U.S. mall scene, announced Wednesday, May 4, 2016, it is seeking Chapter 11 bankruptcy protection. (AP Photo/Mark Lennihan, File) Aeropostale to close 41 stores and exit Canada, deep discounts begin May 9 NEW YORK, N.Y. – Clothing retailer Aeropostale is shuttering all its stores in Canada, as it files for Chapter 11 bankruptcy protection in the U.S.The New York-based company said Wednesday that it is closing all 41 locations across Canada and 113 locations in the U.S. The closures represent 20 per cent of the retailer’s presence in North America. It will continue to operate 626 stores in the U.S.Going-out-of-business sales will begin on May 9 at the Canadian locations, while sales at the U.S. stores will kick off this weekend. The company did not provide any details on how deep the discounts will be, or when the Canadian stores will ultimately close. It would not say how many jobs will be affected by its exit.Retail consultant Maureen Atkinson said Aeropostale had faced stiff competition in Canada, vying for the same customers as other apparel retailers like H&M, Forever 21 and Old Navy.“They’ve always been at the low end of the price segment,” said Atkinson, who is with J.C. Williams Group.“They really weren’t great stores and they weren’t really compelling. They didn’t have a personality.”Aeropostale, which targeted the teen fashionista, has suffered along with their competitors, under a vastly altered consumer landscape that took root during the recession.“Fast fashion” outfits, with more inexpensive clothes, have emerged in recent years to take a growing market share from Aeropostale, Abercrombie & Fitch and American Eagle Outfitters, stores that not so long ago dominated the retail sector.Several long standing retailers have announced they’re closing down or reducing their footprint in Canada in the past few years, including Le Chateau, Danier Leather, Mexx, Smart Set and Jacob.Aeropostale expects to emerge from bankruptcy protection within six months as a smaller company after renegotiating contracts and resolving an ongoing dispute with the investment firm Sycamore Partners, a major shareholder that pushed through changes in company leadership.In the filing, CEO Julian Geiger lashed out at Sycamore, which he accused of hampering the company’s turnaround plans.“The ripple effects of an ongoing dispute with our second-largest supplier put substantial strain on our liquidity while also preventing us from realizing the full benefits of our turnaround plans,” he said in a company release. “As a result, we have chosen to take more decisive and aggressive action to create a leaner, more efficient business that is well-positioned to compete and succeed in today’s retail environment.”Once worth almost $2.6 billion, Aeropostale’s market capitalization has fallen to about $2 million.The company’s shares traded for more than $30 six years ago, when annual sales exceeded $2 billion. Two weeks ago, it was delisted from the New York Stock Exchange with shares having failed to break the $1 barrier since last year. Shares on Wednesday were trading over the counter for less than 3 cents.The company early this year said that it would cut expenses by $35 million to $40 million annually and trimmed its corporate staff by 13 per cent, about 100 jobs.Aeropostale has secured a commitment for $160 million in debtor-in-possession financing from Crystal Financial LLC, which will allow it to continue operations. It also filed a series of motions that would allow it to pay employees, as well as honour customer gift cards and pay suppliers, if approved by the court.— With files from The Canadian Press read more