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Fran Deck, Steward of Toronto Landmark Fran’s Restaurant, Dies at 89

Francis “Fran” Deck. Photo credit: Kyle Ecclestone

For generations of Torontonians, Fran’s Restaurant was always there.

It was where shift workers stopped for breakfast before sunrise. It was where concertgoers gathered after a night downtown. It was where students lingered over coffee, families met for weekend meals, and late-night conversations stretched into the early morning hours.

For more than eight decades, Fran’s occupied a special place in Toronto’s cultural and culinary landscape. On June 22, the city lost one of the people most responsible for preserving that legacy.

Francis “Fran” Deck, longtime steward of Fran’s Restaurant and son of founder G. Francis “Fran” Deck, passed away peacefully in Toronto at the age of 89.

While his name may not have been widely recognized outside restaurant and hospitality circles, the institution he helped guide remains one of Toronto’s most enduring brands. His passing marks the end of an important chapter in the history of a restaurant that helped shape the city itself.

From a 10-Seat Diner to a Toronto Landmark

The story of Fran’s began in 1940 with a modest 10-seat diner near Yonge and St. Clair.

What started as a small neighbourhood restaurant grew into one of Toronto’s most recognizable dining chains, with locations serving generations of residents across the city. Along the way, Fran’s built a reputation for hospitality, consistency, and accessibility.

Long before Toronto became the vibrant, around-the-clock city it is today, Fran’s welcomed customers at all hours. The restaurant became famous for operating 24 hours a day, 365 days a year. Family stories recount that some of the original locations never even had locks on their front doors, a small detail that reflected the open-door philosophy that defined the business.

Fran’s became a place where everyone felt welcome. Office workers, artists, musicians, students, families, tourists, and night-shift employees all found a seat at the same tables.

That broad appeal helped make Fran’s part of the daily rhythm of Toronto life.

Fran’s at 20 College St. in Toronto. Photo: Trip Advisor

A Restaurant That Helped Shape Toronto’s Dining Culture

Fran’s influence extended well beyond serving meals.

The restaurant is widely credited with popularizing the banquet burger, a dish that became a staple across Toronto’s restaurant scene and remains closely associated with classic diner culture. The company has also long maintained that founder Fran Deck created one of the city’s earliest bacon-and-cheese burgers, originally known as the Forest Hill Burger.

Coffee became equally synonymous with the brand. For countless customers, a visit to Fran’s meant a bottomless cup, familiar faces, and a comfortable place to sit for a while.

Some of the restaurant’s most enduring menu items emerged from simple conversations with customers. One family story recalls how waffles topped with ice cream became a menu favourite after a regular mentioned his fondness for both. Founder Fran Deck saw no reason they couldn’t be served together. The combination proved popular and became part of the restaurant’s history.

Stories like that illustrate why Fran’s endured. The restaurant evolved alongside its customers and reflected the character of the city around it.

A Gathering Place for Toronto

Few restaurants become part of a city’s collective memory. Fran’s did.

Legendary pianist Glenn Gould was among its most famous regulars, known for visiting during the early hours of the morning. Folk music icon Gordon Lightfoot also had connections to the restaurant early in his career.

Yet the restaurant’s importance was never defined by celebrity patrons.

Its real significance came from the ordinary moments that unfolded there every day. First dates. Family celebrations. Business meetings. Post-concert meals. Quiet breakfasts before work. Conversations that lasted longer than expected.

For decades, Fran’s served as a gathering place where people from every part of the city crossed paths.

Carrying Forward a Family Legacy

When founder G. Francis “Fran” Deck passed away in 1976, the responsibility of preserving the family business fell to the next generation.

Fran Deck embraced that role with the support of his wife Anne and their family. Those who knew him describe a gifted storyteller, a dedicated mentor, and a man who believed deeply in the value of community.

He often spoke about the small details that helped define the restaurant, from recipes developed by his mother Ellen to the traditions that made customers feel at home. He understood that Fran’s was built on more than food. It was built on relationships.

That perspective guided his stewardship of the business for decades.

Preserving an Important Toronto Brand

The restaurant entered a new era in the late 1990s when restaurateur Joon Kim acquired the business and began guiding the brand forward.

In announcing Fran Deck’s passing, the family specifically acknowledged Kim’s dedication to preserving the traditions and character that have defined Fran’s for generations.

That continuity is significant. Toronto’s retail and restaurant landscape has changed dramatically over the past several decades. Historic businesses have disappeared, independent operators have faced increasing pressures, and many long-standing brands have faded into memory.

Fran’s remains one of the few surviving names that still connects today’s city to an earlier Toronto.

Remembering Fran Deck

Beyond the restaurant business, Fran Deck was devoted to his family and community.

He supported Covenant House, participated in a men’s therapy group during retirement, and took genuine satisfaction in helping others. He loved movies, coffee, chocolate, the Toronto Blue Jays, and the Green Bay Packers. He was known for his humour, his stories, and his insistence that fries should always be served hot.

His grandson, Kyle Ecclestone, perhaps summarized his legacy best.

“My Papa’s love for family and food was something that extended beyond the walls of the restaurant,” he said in a family statement. “His stories, his jokes, and the time we shared together will not be forgotten.”

For Toronto, Fran Deck’s passing represents the loss of a businessman, family man, and caretaker of an institution that helped define the city’s dining culture.

His legacy lives on in the restaurant that bears his family’s name, in the generations of customers who shared meals at its tables, and in the enduring belief that hospitality begins with making people feel welcome.

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AI implementation gap puts client revenue and talent at risk, Thomson Reuters report warns

Thomson Reuters photo
Thomson Reuters photo

A growing gap between artificial intelligence adoption and execution is putting client revenue and employee retention at risk for professional services firms, according to a new report from Thomson Reuters.

The company said its 2026 Future of Professionals report found that while AI tools are widely used across legal, tax, audit and risk professions, many organizations are failing to translate that usage into measurable business value, exposing them to financial and operational consequences.

The findings point to a disconnect that is beginning to affect both client relationships and workforce stability. Thomson Reuters estimates that up to US$143 billion in client revenue is at risk in the United States alone as firms struggle to meet expectations for AI-enabled services, while a significant share of professionals say they are considering leaving employers that fall short on AI delivery.

Steve Hasker
Steve Hasker

“We’re seeing a clear divide emerge,” said Steve Hasker, president and CEO of Thomson Reuters. “Firms that are operationalizing AI are pulling ahead. Those that aren’t are starting to take on real risk, across talent, clients, and financial performance. Closing that execution gap is now a business imperative for professional firms.”

The report is based on a global survey of more than 1,800 professionals conducted earlier this year across 62 countries, spanning private practice, corporate and government roles.

It found that AI adoption itself is not the primary issue. About 74 per cent of respondents said they use AI tools weekly, yet 91 per cent believe their organizations are not fully realizing the technology’s potential. This gap is contributing to unintended risks, including the rise of so-called “shadow AI” — the use of tools that have not been approved by employers.

Roughly one-third of lawyers, accountants and compliance professionals reported using unsanctioned AI tools, a figure that rises to 41 per cent among those who believe their organizations are moving too slowly on implementation. At the same time, respondents indicated high expectations for safeguards, with 96 per cent saying AI systems must protect confidential data, 94 per cent requiring verified, authoritative content and 90 per cent needing outputs they can explain and defend. However, 41 per cent said they lack access to tools that meet those standards.

The report also highlights a widening gap between strategy and execution inside organizations. While some firms have articulated AI ambitions, 35 per cent of respondents said those plans are not reflected in their day-to-day work, and nearly one in five said their organization still lacks a clear AI strategy.

That disconnect is increasingly influencing workforce decisions. One in four professionals — or 24 per cent — said they would consider leaving their employer within two years if they do not see the expected value from AI, with 13 per cent indicating they could leave within 12 months. Despite that, nearly half of senior leaders surveyed believe meaningful talent pressure remains at least three years away.

olia danilevich photo
olia danilevich photo

Access to AI tools is also emerging as a factor in recruitment. The report found that 62 per cent of respondents would consider the availability of professional-grade AI when evaluating a new role, and among those already using such tools, nearly one-third said they would decline a job offer that did not provide them.

Client expectations are shifting in parallel. According to the report, 78 per cent of corporate clients now consider AI-enabled quality improvements to be very important or essential, yet only six per cent believe most service providers are delivering on that expectation. As a result, 32 per cent of clients said they plan to reconsider provider relationships within the next 12 months, with some placing more than US$1 million in annual work under review.

“Not all AI is created equal. In professions where there is real liability, the standard has to be much higher,” said Hasker. “When outputs shape legal judgments, regulatory filings, or client advice, ‘almost right’ isn’t good enough. That’s why we build what we call Fiduciary-Grade AI, technology professionals can verify, trust, and ultimately stand behind.”

Thomson Reuters said the pressures outlined in the report are converging across risk management, talent retention and client demand, underscoring the need for firms to move beyond experimentation toward operational deployment of AI tools.

The company said the challenge is no longer technological readiness but execution, as organizations face increasing expectations for accountability in how AI is implemented and governed.

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SELLIT9 raises $4.1M to expand recommerce trade-in platform across North America

SELLIT9 has raised $4.1 million in new funding to expand its recommerce trade-in platform across Canada and the United States, as the Toronto-based company looks to scale partnerships with retailers and grow its technology.

The funding round was led by the Business Development Bank of Canada’s Seed Venture Fund, with participation from MaRS Investment Accelerator Fund, AQC Capital and Anges Québec.

The financing is aimed at accelerating the company’s growth strategy, including expanding its platform capabilities, increasing its network of retail partners and entering the U.S. market. SELLIT9 operates a trade-in platform that allows consumers to exchange unused household items—starting with electronics—for value, while enabling retailers to offer trade-in incentives without managing inventory.

Josh Guttman
Josh Guttman

“Consumers sit on billions of dollars of untapped value sitting idle in their homes, while household debt and the cost of goods are at record highs,” said Josh Guttman, co-founder and chief executive of SELLIT9. “This funding allows us to scale our platform, partner with more retailers, and make the circular economy the default choice for consumers looking to unlock fast liquidity while reducing e-waste.”

The company said its model is designed to create purchasing power for consumers while supporting retailers with customer retention and sales growth initiatives tied to trade-ins. It also positions itself within the broader shift toward reuse and refurbishment of goods.

SELLIT9 co-founder and chief technology officer Oswaldo Alvarez said the company’s technology has been built to support a wide range of product categories beyond its initial focus on electronics.

Oswaldo Alvarez
Oswaldo Alvarez

“The hard part of this business is making an accurate trade-in feel instant, and building it so the same engine works for any product, not just one category,” said Alvarez. “We started with electronics because that’s where the value and the waste are most concentrated, but the platform is built for used goods of all kinds. This funding lets us price more items in real time, grow our engineering team in Toronto, and scale for the U.S. market.”

Since launching, the company said it has facilitated the trade of more than 6,000 items with a total value exceeding $2.4 million through a network of more than 100 refurbishers and 25 merchants. It added that the model has diverted electronic waste from landfills, though it did not quantify the total volume.

Investors in the round pointed to the company’s approach to recommerce and its potential to expand within the retail sector.

Dinar Ahmed
Dinar Ahmed

“SELLIT9 is bringing a differentiated approach to recommerce, enabling consumers to turn owned goods into purchasing power. We believe their platform can reshape how value is unlocked across the retail landscape. Josh and Oz are exactly the kind of entrepreneurs the Seed Venture Fund partners with, fully aligned with BDC’s mission to back ambitious Canadian companies with the potential to become category leaders,” said Dinar Ahmed, partner at BDC Seed Venture Fund.

Kalthoum Bouacida
Kalthoum Bouacida

AQC Capital partner Kalthoum Bouacida said the firm sees the platform as a way to modernize the trade-in market across multiple stakeholders.

“We are very excited to support SELLIT9 in this new stage of growth,” said Bouacida. “The team has built an innovative solution modernizing the trade-in market through a simple and efficient technology for merchants, resellers and consumers. We’ve been impressed by the founders’ vision, execution, and ambition, and we look forward to supporting the company as it revolutionizes the resell market.”

The company framed the investment as coming at a time of economic pressure for consumers and increasing focus on waste reduction, positioning its platform as an alternative way to access value from unused goods while supporting reuse.

SELLIT9 said it plans to use the new capital to expand its engineering team in Toronto, enhance real-time pricing capabilities across more product categories and deepen its presence in the U.S. market as it scales operations.

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Federal government investing $173.7 million to expand women entrepreneurship supports

Vlada Karpovich photo
Vlada Karpovich photo

The federal government will invest $173.7 million over five years to extend the Women Entrepreneurship Strategy, aiming to improve access to financing, training and business networks for women across Canada.

The funding, announced by Minister of Women and Gender Equality and Secretary of State for Small Business and Tourism Rechie Valdez, is intended to address persistent barriers faced by women entrepreneurs and to build on existing federal programming designed to support business creation and growth.

Rechie Valdez
Rechie Valdez

The announcement signals a continuation of Ottawa’s broader approach to small business development, with a focus on increasing participation in the economy by women entrepreneurs. The funding will support loan programs, advisory services and research initiatives that underpin the Women Entrepreneurship Strategy, first launched in 2018.

Women entrepreneurs continue to encounter challenges, including difficulty accessing capital, limited mentorship opportunities and gaps in data used to inform business supports. The federal government said addressing those issues is necessary to fully leverage economic growth opportunities.

The new funding package includes continued support for the Women Entrepreneurship Loan Fund, which provides microloans of up to $50,000 through not-for-profit partner organizations. The program has already delivered more than 1,600 loans to women entrepreneurs nationwide and is expected to expand its reach under the renewed funding.

Additional funds will go toward the Women Entrepreneurship Strategy Ecosystem Fund, which backs not-for-profit groups offering business training, mentorship and advisory services. These programs are designed to help women entrepreneurs start, scale and access new markets.

The government will also maintain funding for the Women Entrepreneurship Knowledge Hub, a national network that connects researchers and business support organizations. With 10 regional hubs and more than 250 partners, the initiative produces research and data intended to inform policy and improve program delivery.

Since its inception, the Women Entrepreneurship Strategy has supported more than 500,000 women entrepreneurs across Canada. The government said the latest investment is meant to build on that track record while aligning with other federal measures aimed at strengthening small businesses, including tariff relief, support for artificial intelligence adoption, regulatory changes and export development.

Valdez said the continued investment reflects the role women entrepreneurs play in economic growth and community development.

“Women entrepreneurs are essential to building the strongest economy in the G7. They create jobs, strengthen communities and contribute to a Canada that is strong for everyone. By continuing to invest in the Women Entrepreneurship Strategy, our government is making sure more women have what they need to start, grow and build businesses.”

Vitaly Gariev photo
Vitaly Gariev photo

The renewed funding is part of a broader Women Entrepreneurship Strategy envelope valued at more than $7 billion. Of the newly announced funding, $59 million is allocated to the loan fund to continue providing financing through partner organizations. Another $100 million will support the ecosystem fund to expand access to mentorship, training and networks.

A further $7 million will go toward the Women Entrepreneurship Knowledge Hub to maintain its role as a centralized source of data and best practices. Nearly $8 million over five years is earmarked for program operating costs.

The federal government is also continuing parallel efforts to address systemic barriers faced by diverse entrepreneurs, including initiatives such as the Black Entrepreneurship Program and the 2SLGBTQI+ Entrepreneurship Program, alongside support for organizations like Futurpreneur.

The announcement positions the Women Entrepreneurship Strategy as a key component of the federal government’s long-term plan to strengthen Canada’s small business sector by improving access to capital and resources for underrepresented groups.

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Rexall launches weight management program with virtual care and medication delivery

Rexall has launched a new weight management program that offers Canadians access to physician-led care, virtual consultations and home delivery of prescription medications.

The pharmacy retailer said the program is designed to provide patients with personalized care plans and ongoing support without requiring in-person visits, as part of a broader effort to expand access to healthcare services.

The initiative combines physician assessments, pharmacist support and lifestyle guidance, with patients beginning the process through a comprehensive health evaluation conducted by a partnered doctor. Based on the results, physicians develop individualized treatment plans that may include lab testing, such as blood work, and options to address weight and related health conditions.

“Rexall’s Weight Management Program is about more than just a number on a scale,” said Jeff Boutilier, Chief Operating Officer, Rexall Pharmacy Group. “Our Weight Management Program is about helping someone achieve their best health outcome using safe and clinically supported solutions. We are grateful to be able to partner with trusted physicians and dietitians to help people take meaningful, sustainable steps toward better health.”

Participants in the program are offered ongoing virtual consultations with physicians, access to Rexall pharmacists and free health coaching sessions led by registered dietitians. The company said these services are intended to provide guidance on nutrition, lifestyle changes and long-term wellness strategies.

Rexall photo
Rexall photo

Rexall said the program integrates pharmacist expertise with physician-led care and in-store clinical services, allowing patients to access additional testing through its Pharmacist Care Clinics. These services include body composition analysis aimed at tracking health changes beyond weight alone.

The company also said patients may benefit from partner offerings such as digital health tools and fitness support as part of the program.

The program includes options for virtual care and prescription delivery, including the delivery of GLP-1 medications, allowing patients to complete the process from home. Individuals can begin by booking a free introductory consultation, followed by registration and a virtual appointment with a physician.

Rexall said the launch reflects its focus on expanding access to healthcare services and offering more convenient options for Canadians seeking support in managing their health.

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Thirsty Buddha expands into Costco U.K., Los Angeles as global push accelerates

Thirsty Buddha is expanding beyond its domestic base with new retail listings in the United Kingdom and the Los Angeles region, marking a significant step in the Montreal-based beverage company’s international growth strategy.

The brand’s sparkling coconut water is now available in all 29 Costco U.K. locations following a March launch and is rolling out across Costco warehouses in the Los Angeles area, extending its reach to millions of consumers across North America and Europe.

The move builds on Thirsty Buddha’s existing presence in Costco stores across Canada and reflects the company’s efforts to scale distribution through large-format retail channels. The expansion signals a push to establish a broader international footprint while leveraging demand for alternative hydration products.

The product is sold in a 12-pack of 330-millilitre cans featuring peach mango, grapefruit and pineapple flavours.

The company said the expansion comes as consumer preferences shift toward beverages positioned around natural hydration and functional benefits. Thirsty Buddha’s offering combines coconut water with carbonation and fruit flavours, positioning it as a variation on traditional coconut water products.

Chris Magnone
Chris Magnone

“Taking Thirsty Buddha beyond Canada is a huge moment for our team,” said Chris Magnone, co-founder and chief executive of Thirsty Buddha. “We’ve built a strong foundation at home, and this next step is about bringing our approach to hydration to more people around the world. For us, this is about more than retail listings — it’s about meeting people where they live, play, work, and hydrate. Consumers everywhere are looking for beverages that fit modern lifestyles without compromising on taste, and we’re excited to introduce a new take on hydration to even more people across North America and Europe.”

Thirsty Buddha is part of Temple Lifestyle Brands, a Montreal-based, founder-led beverage company that operates a portfolio of products in the “better-for-you” category, including Rise Kombucha. The company said its brands share distribution and operational resources while maintaining distinct identities.

The latest expansion underscores Temple Lifestyle Brands’ focus on growing its beverage platform through wider retail access and international market entry. Thirsty Buddha, positioned as a core brand within that portfolio, is central to those efforts.

The company describes its products as using clean ingredients and tropical flavours, aimed at consumers seeking alternatives to traditional soft drinks and hydration options.

Headquartered in Canada, Thirsty Buddha said it plans to continue expanding globally while building a consumer base around its approach to hydration.

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Daily Synopsis: Jun 22, 2026

Welcome to the Daily Synopsis by Retail Insider. We hope you enjoy the 12 articles we published covering key developments in Canadian retail.

Toys “R” Us Canada has split its brand and stores among three buyers after court approval, raising questions about the brand’s future beyond January 2027. Dollarama now reaches 96% of Canadian households, attracting shoppers with frequent visits and larger transactions. Shake Shack plans to open its first Canadian drive-thru location in Calgary this fall, adding about 200 jobs and catering to demand for quick-service dining.

Montreal-based Leyad acquired The Bay Centre in Victoria, a significant retail and mixed-use property. Retail theft in Canada has escalated into a data integrity crisis due to unsecured mobile devices affecting inventory tracking and supply chains, prompting calls for securing devices and better analytics. Other notable coverage includes rising food prices, Alimentation Couche-Tard’s revenue increase, Specsavers joining the PC Optimum program, and expansions by Farm Boy and Cozey in key markets.

🗞️ The Day’s Retail Insider Article List

🌐 Canadian Retail News From Around the Web

Toys “R” Us Brand and Stores Head to Different Owners in Canada

Toys R Us store in Regina. Photo: Google Maps

The Toys “R” Us brand in Canada is heading to one owner. The stores are heading to another.

An Ontario court has approved a series of transactions that divide Toys “R” Us Canada among three buyers, marking a major turning point for one of the country’s best-known retail chains and leaving unanswered questions about what comes next for the remaining stores.

The court approval clears the way for Ad Populum, a U.S.-based brand management company, to acquire the Toys “R” Us and Babies “R” Us intellectual property in Canada. A separate company controlled by retail entrepreneur Doug Putman will acquire 10 store leases, inventory, equipment and other operating assets, while Fox Group Jumbo Canada will acquire the lease for the Toys “R” Us store at Vaughan Mills.

Financial terms of the transactions were not disclosed. While the court proceedings determine who owns the assets, they do not determine what Canadian consumers will ultimately see on storefronts.

Court documents indicate the operating business retains rights to use the Toys “R” Us and Babies “R” Us names through January 15, 2027. After that date, the future of the remaining stores will depend on whether new licensing arrangements are reached or whether a different retail strategy emerges.

For a retailer that once operated more than 80 stores across Canada, the restructuring represents another dramatic chapter in a story that began long before the company’s recent creditor protection filing.

A Familiar Retail Brand Faces an Uncertain Future

For generations of Canadian families, Toys “R” Us has been one of the country’s most recognizable retail brands.

The chain survived the collapse of its U.S. parent company and continued operating in Canada under Doug Putman’s ownership. Even after entering creditor protection earlier this year, the retailer retained significant brand recognition and a national presence.

The latest restructuring changes that equation. A licensing arrangement could allow the stores to continue operating under the Toys “R” Us banner beyond January 2027. Another possibility is that the stores continue under a different name or retail concept.

The transactions approved by the court answer who owns the assets. They do not answer what Canadian consumers will see on storefronts in the years ahead.

Mall entrance to the former Toys “R” Us at Willowbrook Centre in Langley in 2021. Photo: Lee Rivett

What Doug Putman Actually Acquired

One of the more unusual aspects of the restructuring is the nature of the assets being acquired by Putman’s company.

The transaction includes store leases, inventory, equipment, bank accounts and operating assets associated with the business. In practical terms, Putman is acquiring much of the infrastructure required to continue operating a retail chain. What he is not acquiring is the Toys “R” Us brand itself.

That distinction matters. Retailers typically own both the operating business and the intellectual property associated with the brand. Following the restructuring, those assets will be held separately.

The structure is unusual but not unprecedented. Across the retail industry, some operators run stores under brands they do not own through licensing agreements with intellectual property holders.

Whether a similar arrangement ultimately emerges for Toys “R” Us in Canada remains one of the key questions arising from the restructuring.

Why Ad Populum Wanted the Brand

The acquisition of the Toys “R” Us and Babies “R” Us intellectual property by Ad Populum highlights the continued value of the brands, even as the operating business restructures.

Unlike traditional retailers, brand management companies focus on intellectual property. Their business revolves around trademarks, licensing agreements and brand development opportunities rather than operating stores directly.

The Toys “R” Us name remains one of the most recognizable brands in the toy sector. For Ad Populum, ownership of the intellectual property creates opportunities to generate value through licensing arrangements and other brand-related initiatives in the Canadian market.

The transaction also illustrates that the value of a retail brand and the value of a retail store network are not always the same thing. In this case, the court-approved restructuring separates those assets and places them in different hands.

Jumbo store. Photo: EB/ARCHITECTS

Vaughan Mills Emerges as One of the Most Valuable Assets

Among the assets sold, the Vaughan Mills location attracted particular attention.

The shopping centre is known to be one of Canada’s highest-performing retail properties and draws shoppers from across the Greater Toronto Area, elsewhere in Ontario and from international tourism markets.

Its combination of outlet shopping, entertainment attractions and destination retailing has helped make it one of the country’s busiest malls.

The large-format 48,000 square foot Toys “R” Us location occupies a prominent position within the property and was likely among the most desirable leasehold interests available through the sale process.

Fox Group Jumbo Canada’s acquisition of the lease provides the retailer with an immediate foothold in a high-traffic shopping centre as it prepares for expansion into Canada.

Although the purchase price remains confidential, the Vaughan Mills lease was arguably one of the crown jewels of the restructuring process.

Creditor Issues Continue Separately

Several creditors and stakeholders raised objections during the approval process, including concerns involving former distribution partner Everest Toys and certain related-party transactions.

Those objections did not prevent the court from approving the transactions. The disputes remain separate from the asset sales, and no court findings have been made regarding the allegations raised.

For the retail industry, the larger question is what happens after January 2027.

The court has now determined who owns the Toys “R” Us brand, who controls the remaining stores and who will take over one of the chain’s most valuable locations.

The next decision belongs to the new owners.

If a long-term licensing arrangement is reached, Canadian consumers may continue shopping at Toys “R” Us stores for years to come. If not, one of the country’s most recognizable retail banners could eventually disappear from storefronts despite some of the stores themselves continuing to operate.

The restructuring process may be nearing its end. The future of Toys “R” Us in Canada is still being written.

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Alimentation Couche-Tard reports revenue of $19.5 billion in Q4, up close to 20% from a year ago

PHOTO: CIRCLE K
Alex Miller
Alex Miller

Alimentation Couche-Tard Inc. announced Monday its financial results for its fourth quarter and fiscal year 2026 for the quarter ended April 26, with significant revenue growth as annual revenue rose by 5% to more than $76 billion.

Alex Miller, President and Chief Executive Officer, said: “Our focus on delivering on our customer promise through our Core + More strategy is driving strong momentum across our U.S. business, with improved traffic and ongoing growth in key categories such as food and packaged beverages; meanwhile, our teams are leaning into the strength and agility of our fuel supply chain as well as our global scale to capture opportunities across our network as market conditions evolve. Overall, the commitment and resilience of our teams is reinforcing the progress we are making in the business as we continue to win in the markets we serve.”

Filipe Da Silva
Filipe Da Silva

Filipe Da Silva, Chief Financial Officer, added: “We delivered a solid fourth quarter to close the year, driven by the quality of our underlying results, even excluding the impact of certain favorable items. Disciplined execution enabled us to maintain our normalized growth of expenses1 below inflation, protecting profitability while continuing to invest in the business to support improved return metrics. Our results highlight the consistency and durability of our earnings and reinforce our confidence as we continue delivering against our Core + More strategy into the new fiscal year.”

The company said revenues were $19.5 billion for the fourth quarter of fiscal 2026, up by $3.2 billion, an increase of 19.8% compared with the corresponding quarter of fiscal 2025, mainly attributable to higher average road transportation fuel selling price, the contribution from acquisitions, the impact from the translation of its European operations into US dollars and organic growth in its convenience activities, partly offset by softness in fuel demand. The translation of its foreign currency operations into US dollars had a net positive impact of approximately $526 million on itsrevenues for the fourth quarter.

For fiscal 2026, it said revenues increased by $3.6 billion, or 5.0%, compared with fiscal 2025, mainly attributable to the contribution from acquisitions, the impact from the translation of its European operations into US dollars, organic growth in its convenience activities and the net impact from organic changes to its network, partly offset by a lower average road transportation fuel selling price, softness in fuel demand and the impact of regulatory divestiture related to the GetGo acquisition. The translation of its foreign currency operations into US dollars had a net positive impact of approximately $2 billion on its revenues.

Couche-Tard website photo
Couche-Tard website photo

Quarterly highlights, according to Couche-Tard

  • Successful issuance of Euro-denominated senior unsecured notes of €750.0 million ($882.0 million).
  • Net earnings attributable to shareholders of the Corporation were $863.4 million for the fourth quarter of fiscal 2026 compared with $439.4 million for the fourth quarter of fiscal 2025. Adjusted net earnings attributable to shareholders of the Corporation were approximately $667.0 million compared with $441.0 million for the corresponding quarter of last year, representing an increase of 51.2%. Net earnings attributable to shareholders of the Corporation were adjusted, among other items, by the net recovery on the resolution and remeasurement of certain long-standing legal matters for a pre-tax amount of $260.9 million.
  • Net earnings attributable to shareholders of the Corporation were $0.94 per diluted share for the fourth quarter of fiscal 2026 compared with $0.46 per diluted share for the fourth quarter of fiscal 2025. Adjusted diluted net earnings per share were $0.73, representing an increase of 58.7% from $0.46 for the corresponding quarter of last year.
  • Total merchandise and service revenues of $4.5 billion, an increase of 7.7%. Same-store merchandise revenues increased by 3.4% in the United States, and by 1.1% in Europe and other regions, while it decreased by 0.9% in Canada. Consolidated same-store merchandise revenues increased by 2.2%.
  • Merchandise and service gross margin increased by 0.5% in the United States to 34.4%, and by 1.0% in Europe and other regions to 39.6%, while it decreased by 0.6% in Canada to 33.5%.
  • Same-store road transportation fuel volumes decreased by 2.1% in the United States, and by 4.4% in Europe and other regions, while it increased by 2.0% in Canada.
  • Road transportation fuel gross margin of 52.44¢ per gallon in the United States, an increase of 9.17¢ per gallon, US 13.44¢ per liter in Europe and other regions, an increase of US 3.87¢ per liter, and CA 17.28¢ per liter in Canada, an increase of CA 3.23¢ per liter.
Couche-Tard website photo
Couche-Tard website photo

Fiscal Year 2026 highlights, according to Couche-Tard

  • Net earnings per diluted share of $3.37 compared with $2.71 for fiscal 2025, an increase of 24.4%, while adjusted diluted net earnings per share were $3.10 compared with $2.71 for fiscal 2025, an increase of 14.4%.
  • During fiscal 2026, it repurchased 30.0 million shares for an amount of $1.6 billion.
  • Strong improvement on return on capital employed, increasing from 12.2% to 13.7%, driven by robust earnings, which include the net recovery on the resolution and remeasurement of certain long-standing legal matters, which had a favourable impact of 0.8% on this metric.
  • Solid pipeline execution with 103 new-to-industry openings, and 27 relocated or reconstructed stores, reaching a total of 130 stores during fiscal 2026. As of April 26, 2026, another 34 stores were under construction and should open in the upcoming quarters.
  • Increase in the annual dividend declared for fiscal 2026 of 10.5%, from CA 76.00¢ to CA 84.00¢.

Couche-Tard is a global leader in convenience and mobility, operating in 27 countries and territories, with close to 17,300 stores, of which approximately 13,200 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People’s Republic of China. Approximately 145,000 people are employed throughout its network.

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Canada’s Food Prices Have Outpaced Inflation Every Month Under Carney

Image: Grocery Store via Pexels

The latest inflation numbers from Statistics Canada should make policymakers uncomfortable.

In May, overall inflation reached 3.2%, while food inflation climbed to 3.8%. At first glance, the difference may seem modest. But beneath the headline lies a trend that should concern anyone paying attention to Canada’s economy: food inflation has exceeded overall inflation every single month since Mark Carney became Prime Minister in March 2025.

Not once during his tenure has food inflation fallen below the national inflation rate.

That streak has now reached fifteen consecutive months.

For Canadians, this matters far more than many economists realize. While inflation is often discussed as a broad economic concept, consumers experience inflation through everyday purchases. They may not notice changes in the price of durable goods or financial services, but they certainly notice the cost of filling a grocery cart.

And lately, grocery bills have been sending a message very different from the one conveyed by headline inflation numbers.

The May data also reveal something else. Canada is once again leading the G7 in food inflation. While many advanced economies have managed to bring food price growth closer to their overall inflation rates, Canada remains an outlier.

That should prompt an important question: why?

For years, governments could point to global disruptions. The pandemic, the war in Ukraine, shipping bottlenecks, energy costs and climate-related events all contributed to higher food prices. Those explanations were legitimate.

Today, they are becoming less convincing.

Every G7 country has faced the same global challenges. Yet Canada has returned to the top of the food inflation rankings. When a country consistently performs worse than its peers, domestic factors inevitably become part of the conversation.

The composition of May’s inflation numbers is particularly revealing.

Coffee prices rose 14.7% over the last year. Beef prices increased 13.3%. Fresh vegetables were up 9.0%, while fresh fruit rose 5.3%.

These are not niche products. They are staples purchased by millions of households every week.

Coffee is increasingly becoming a luxury item. Beef remains under pressure from North American herd reductions. Produce prices continue to reflect Canada’s dependence on imports, transportation costs, labour shortages and currency fluctuations. None of these pressures appear likely to disappear anytime soon.

More importantly, the persistence of food inflation suggests that Canada is dealing with something deeper than temporary market disruptions.

Food inflation has now exceeded overall inflation for fifteen straight months. That is not a statistical anomaly. It is a pattern.

The implications are significant.

Food inflation functions as a regressive tax. Lower-income households spend a larger share of their income on food than wealthier Canadians. When grocery prices rise faster than overall inflation, those with the least financial flexibility suffer the most. Families adapt by purchasing fewer fresh products, trading down to cheaper alternatives or simply absorbing the higher costs through debt.

Over time, these adjustments affect not only household finances but also nutrition, health outcomes and consumer confidence.

The political implications are equally important.

Food affordability is increasingly becoming the economic issue Canadians care about most. Consumers may be told that inflation is moderating, but their lived experience at the grocery store often tells a different story. When food prices continue to outpace overall inflation month after month, public confidence in economic management inevitably erodes.

The challenge facing Ottawa is therefore much larger than managing inflation expectations. It is about addressing the structural issues that continue to make food more expensive in Canada than it should be.

Interprovincial trade barriers remain largely intact. Regulatory burdens continue to add costs throughout the supply chain. Infrastructure bottlenecks reduce efficiency. A weak Canadian dollar makes imported food more expensive. Meanwhile, governments rarely evaluate policy decisions through the lens of food affordability.

The result is a food system that appears increasingly vulnerable to shocks and less competitive than those of many peer nations.

The May numbers should therefore be viewed as more than another monthly inflation report.

They are a reminder that Canada’s affordability crisis has not disappeared. It has simply become concentrated where Canadians notice it most: at the grocery store.

Until food inflation begins moving below overall inflation, many households will continue to feel poorer regardless of what the headline economic indicators suggest.

And after fifteen consecutive months of food inflation exceeding general inflation, Canadians have every reason to be concerned.

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