Eaton immigrates to
1997: Former Hudson's Bay Co.
George Kosich becomes
new chief executive, replacing
Eaton's hires investment bank to "evaluate its strategic
alternatives"-officially putting the company up for sale.
opens small store with
brother in St.Mary's, Ont., near
1997: Company negotiates deal
share pension surplus money with
and makes other moves to conserve cash, including moving out of head office
and ending home delivery
3, 1999: Eaton's announces closing of five stores by mid-2000, eliminating
400 jobs and shrinking the chain to 59 stores.
age 35, Eaton opens his own store on Yonge Street in Toronto.
1997: Creditors approve
restructuring plan, saving Eaton's from bankruptcy.
20, 1999: T.Eaton Co. files for protection from creditors under the
Bankruptcy and Insolvency Act.
Brent Ballantyne, an experienced turnaround executive,
over as chairman of the board from George Eaton.
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.
Timothy Eaton dies at 72. His son John Craig Eaton takes over the company.
10, 1998: Eaton's goes public,
11.7 million common shares at $15 each. The Eaton family keeps control
of the company with about 51 per cent of its shares.
25, 1999: Eaton's starts liquidation sales.
Robert Young Eaton
control of company.
30, 1998: Company cuts 600
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.
20, 1999: Sears Canada announces a $50-million deal under which it
will buy all the shares of T. Eaton Co., eight of its stors, with the option
to buy five more, and the Eaton's name, trademarks, brands, and Web site.
after 92 years in
11, 1998: Eaton's profit forecast
to $26-million for the year, from June estimate of $58-million.
30, 1999: Eaton's officially becomes part of Sears Canada.
Centre shopping and
complex opens in downtown
16,1998: Ballantyne announces
of CEO George Kosich.
25, 2000: Seven Eaton's stores are officially relaunched, land and
about $60-million over budget.
1990s: Rumours about Eaton's financial problems circulate. Company
10, 1998: The company again
profit forecasts, predicts annual loss of $29-million.
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.
drop by about
15, 1998: Ballantyne takes over
president and CEO.
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
records a pretax
17, 1999: About 200 employees,
from the Toronto head office,
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.
1997: Eaton's granted
from creditors while it
17, 1999: The company reports loss of $72-million for 1998.