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Business and History - Eaton's

Eaton's Sign


This material is from an alphabetical company list found in Business and History at Western at the University of Western Ontario

UPDATE: Feb. 20, 2010 : from The Historicist article by Jamie Bradburn  showcasing Eaton's Golden Jubilee

A National Institution: The Eaton's Chronology The Globe and Mail: Tuesday, February 19, 2002

Eatons Logo


In mid - February Sears Canada Inc. announced that the seven stores left under the Eaton's banner would be closed by the Summer. Both the National Post and the Globe carried the chronological table below which is provided here for your convenience.
1854: Timothy Eaton immigrates to
Canada from Ireland.
June, 1997: Former Hudson's Bay Co.
president George Kosich becomes
Eaton's new chief executive, replacing
George Eaton.
May 18, 1999: Eaton's hires investment bank to "evaluate its strategic alternatives"-officially putting the company up for sale.
1856: Eaton opens small store with
his brother in St.Mary's, Ont., near
Stratford.
July, 1997: Company negotiates deal
to share pension surplus money with
employees and makes other moves to conserve cash, including moving out of head office and ending home delivery
service.
June 3, 1999: Eaton's announces closing of five stores by mid-2000, eliminating 400 jobs and shrinking the chain to 59 stores.
1869: At age 35, Eaton opens his own store on Yonge Street in Toronto.

 

September, 1997: Creditors approve
$419-million restructuring plan, saving Eaton's from bankruptcy.
Aug. 20, 1999: T.Eaton Co. files for protection from creditors under the Bankruptcy and Insolvency Act.
1884: Eaton catalogue introduced. Jan. 1, 1998: Brent Ballantyne, an experienced turnaround executive,
takes over as chairman of the board from George Eaton.
Aug. 24, 1999: Eaton's lays off or gives termination notices to thousands of employees across Canada. Eaton's shares are suspended from trading on the Toronto Stock Exchange.
1907: Timothy Eaton dies at 72. His son John Craig Eaton takes over the company. June 10, 1998: Eaton's goes public,
issuing 11.7 million common shares at $15 each. The Eaton family keeps control of the company with about 51 per cent of its shares.
Aug. 25, 1999: Eaton's starts liquidation sales.
1919: Eaton's Celebrates it's Golden Jubilee
1922: Cousin Robert Young Eaton
assumes control of company.
June 30, 1998: Company cuts 600
jobs and says it will shut down its electronics and appliance businesses in favour of higher-profit fashion products. Furniture and rug departments close in 43 of 64 stores.
Sept. 20, 1999: Sears Canada announces a $50-million deal under which it will buy all the shares of T. Eaton Co., eight of its stores, with the option to buy five more, and the Eaton's name, trademarks, brands, and Web site.
1976: Eaton's catalogue business
discontinued after 92 years in
operation.
Sept. 11, 1998: Eaton's profit forecast
cut to $26-million for the year, from June estimate of $58-million.
Dec. 30, 1999: Eaton's officially becomes part of Sears Canada.
1977: Eaton Centre shopping and
office complex opens in downtown
Toronto.
Nov. 16,1998: Ballantyne announces
resignation of CEO George Kosich.
Nov. 25, 2000: Seven Eaton's stores are officially relaunched, land and about $60-million over budget.
Early 1990s: Rumours about Eaton's financial problems circulate. Company
denies any troubles.
Dec. 10, 1998: The company again
slashes profit forecasts, predicts annual loss of $29-million.
Jan. 22, 2001: Sears Canada CEO Paul Walters resigns, with most analysts linking departure to underperformance of Eaton's stores. Mark Cohen, an executive with Sears Roebuck & Co., takes the helm.
1991-1996: Sales drop by about
$500-million a year.
Dec. 15, 1998: Ballantyne takes over
as president and CEO.
Jan. 17, 2002: Weak sales cause Sears Canada profits to plummet 58 per cent in 2001. It blames the economic slowdown and a lacklustre holiday retail season.
1996: Company records a pretax
loss of $120-million.
Feb. 17, 1999: About 200 employees,
mainly from the Toronto head office,
are let go.
Feb. 18, 2002: Sears announces it's giving up on the Eaton's brand and plans to convert the Eaton's stores to the Sears banner.
February, 1997: Eaton's granted
protection from creditors while it
restructures.
March 17, 1999: The company reports loss of $72-million for 1998.