COVID-19 could cost Canadian universities millions, even billions: Statistics Canada

MONTREAL – Canadian universities could lose as much as $3.4 billion this year due to the COVID-19 pandemic, Statistics Canada has projected, in large part due to a decrease in the number of foreign students.

In a report published this week, Statistics Canada tried to estimate university budget losses for the 2020-2021 school year.

Tuition fees make up an increasingly large portion of university revenues, the agency said. In 2013-2014, tuition fees accounted for 24.7 per cent of school funding, while they made up 29.4 per cent in 2018-2019.

The largest portion of university revenue comes from government funding, at 45.8 per cent.

Statistics Canada said the increase in the proportion of tuition fees was caused by a growing number of foreign students, who pay higher tuition — almost five times as much as Canadian citizens.

In 2017-2018, foreign students alone paid about 40 per cent of all tuition fees.

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Court clears way for Brooks Brothers Canada to be sold to new owner of Forever 21 and Lucky Jeans

An Ontario Superior Court judge has granted an order adding Brooks Brothers Canada Ltd. to its parent company’s U.S. bankruptcy proceedings, paving the way for the sale of the luxury clothing retailer’s Canadian assets.

The order, issued by Justice Glenn Hainey under the cross-border insolvencies section of the Companies’ Creditors Arrangement Act, allows Brooks Brothers Group Inc. to act as the Canadian retailer’s foreign representative.

It also recognizes the U.S. Bankruptcy Court Chapter 11 restructuring process as the foreign main proceeding and grants a stay against debtors.

The court approval clears the sale of the 202-year-old clothier’s Canadian assets — mainly inventory — to SPARC Group LLC, which purchased Brooks Brothers and its subsidiaries and affiliates for $325 million last month.

SPARC, which stands for Simon Properties Authentic Retail Concepts, is a joint venture between Authentic Brands Group and Simon Property Group.

Together, they’ve also scooped up American denim company

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Court clears way for sale of Brooks Brothers Canada assets to SPARC Group LLC



a group of people walking in front of a store


© Provided by The Canadian Press


TORONTO — An Ontario Superior Court judge has granted an order adding Brooks Brothers Canada Ltd. to its parent company’s U.S. bankruptcy proceedings, paving the way for the sale of the luxury clothing retailer’s Canadian assets. 

The order, issued by Justice Glenn Hainey under the cross-border insolvencies section of the Companies’ Creditors Arrangement Act, allows Brooks Brothers Group Inc. to act as the Canadian retailer’s foreign representative.

It also recognizes the U.S. Bankruptcy Court Chapter 11 restructuring process as the foreign main proceeding and grants a stay against debtors. 

The court approval clears the sale of the 202-year-old clothier’s Canadian assets — mainly inventory — to SPARC Group LLC, which purchased Brooks Brothers and its subsidiaries and affiliates for $325 million last month.

SPARC, which stands for Simon Properties Authentic Retail Concepts, is a joint venture between Authentic Brands Group and Simon Property Group.

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