Winnipeg Free Press Passages
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STEFAN (JACK) STEFANSON
February 8, 1928 - June 19, 2021
Peacefully, on June 19, Jack passed away at the Grace Hospital at the age of 93.Jack will be lovingly remembered by daughter Bonnie Bolt (Kevin); granddaughter Lianne Nosyk (Bohdan) of Vancouver, BC and granddaughter Jennifer Hughes (Dustin); son Douglas Stefanson (Janet) of Indio, California; daughter Louise Lovas of Vancouver, Washington; granddaughter Kirstin Lovas of Melbourne, Australia; great-grandchildren, Mila and Natasha Nosyk, and Hudson and Harper Hughes will miss their “Bumpa”. Jack will also be missed by all the Bolt children and Janet’s children. Jack was predeceased by his beloved wife Elsie on December 15, 2018.Jack spent 42 years with Peoples Jewellers in various managerial positions. He was an avid golfer. Although Macular Degeneration affected his vision in later life he still managed to get not one, but two “holes in one”. Jack was a dedicated and caring husband, father, grandfather and great-grandfather who was devoted to his family. He will be forever loved and missed.The family would like to thank The Waverley for the care shown to Jack.A private family Celebration of Life will be held at a later date.In lieu of flowers, the family would appreciate donations in Jack’s memory to the Canadian National Institute for the Blind (CNIB).
As published in Winnipeg Free Press on Jun 26, 2021
Peoples Jewellers owner bought for US$1.4B in deal that could bring Kay Jewellers to Canada
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Peoples Jewellers owner bought for US$1.4B in deal that could bring Kay Jewellers to Canada Two of the U.S.' biggest diamond sellers — including the owner of Canada’s Peoples Jewellers and Mappins — have agreed to a multi-million dollar marriage of convenience
Article content Two of the U.S.’ biggest diamond sellers — including the owner of Canada’s Peoples Jewellers and Mappins — have agreed to a multi-million dollar marriage of convenience.
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Article content Signet Jewelers Ltd.’s acquisition of Zale Corporation, a deal valued at US$1.4-billion including debt, is the latest sign of industry consolidation as chains and mom-and-pop shops increasingly battle online upstarts for customers. We apologize, but this video has failed to load.
tap here to see other videos from our team. Try refreshing your browser, or Peoples Jewellers owner bought for US$1.4B in deal that could bring Kay Jewellers to Canada Back to video The top two U.S. mid-priced jewellers announced Wednesday they have entered into an agreement in which Signet will acquire all of its smaller rival’s issued and outstanding stock at US$21 in cash per share, a 41% premium over the closing price on the New York Stock Exchange a day earlier. With this acquisition Signet, the largest specialty retailer in the U.S. and the U.K., boosts its store locations from 1,900 to 3,600 and becomes the leading trinket retailer in Canada, said Mike Barnes, the chief executive and director of Signet Jewelers.
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Article content “We are not only number one in the U.S. and the U.K.; this acquisition will also make our newly combined company number one in Canada as well and it will allow us to continue building a platform for potential future geographic expansion,” he said during a conference call Wednesday. Investors seemed to like the pairing as Zale stock rose more than 40% to close at $20.92 on the New York Stock Exchange — impressive given that it hovered as low as $3.80 last March. Signet’s stock rose 18% Wednesday. The combined company will generate approximately US$6-billion in sales and more than $700-million in EBITDA, and will have nearly 30,000 associates, Mr. Barnes said. With Signet’s jewellery brands Kay and Jared, which are leaders in the mid-priced and the upper-mid-priced segments, the addition of Zale’s equally mall-friendly brands “will help us maximize our midmarket success,” he said.
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Article content The new company is also expected to see $100-million in synergies by the third year of operation, in large part due to stronger buying power and cost improvements, Signet executives said on the conference call. The Zale brand will operate as a separate standalone division within Signet, led by Zale’s chief executive Theo Killion. This acquisition, subject to shareholder approval, would cap what has been a tumultuous run over the years for Zale, and Peoples Jewellery. Peoples was founded in Toronto 1919 by the Gerstein family, which grew the business over the following decades into a chain of jewellery stores with as many as 280 locations by the 1980s. In 1986, Peoples teamed up with Switzerland’s Swarovski International to swing the junk-bond financed US$650-million purchase of Zale, which at the time was a firm more than five times its size. In 1989, the company later bought Gordon Jewelry Corp for US$311-million.
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Article content But after recession hit in the early 1990s, combined with high interest payments, Zale was pushed to the brink, filing for bankruptcy in 1992. In 1993, Peoples followed it down. In an odd twist, by 1999, a stronger, financially-healthier Zale bought Peoples Jewellery for US$115-million. Many years later, consolidation in the jewellery industry at all price points continues, said David Wu, luxury goods analyst at Telsey Advisory Group in New York. Hamilton, Bermuda-based Signet had previously discussed buying Zale but those talks ended in 2006 after Zale’s board decided to stay independent, according to Bloomberg. After Zale saw slumping sales in recent years, it embarked on a multi-year restructuring which is “starting to bear fruit”, said Mr. Wu, drawing a suitor.
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Article content Zale Corp.’s holiday sales results showed overall comparable store sales up 2%, with Zales’ branded stores up 4.4% and Peoples performing strongly at 2%. Mappins, however, saw sales drop more than 6%. In both Canada and the U.S., this sector of retail remains fragmented with independent retailers and mom-and-pop stores competing with the jewellery giants, but consolidation is increasing as chains look to benefit from economies of scale. “Consolidation has been happening, but at a very slow pace,” Mr. Wu. said. “This acquisition does speed up the pace.” The U.S. jewellery industry is also consolidating as stores face online challengers such as Blue Nile Inc., Ken Gassman, president of the Jewelry Industry Research Institute, told Bloomberg. Mr. Wu said the deal potentially allows to roll out its brands north of the border and providing Zale with access to “best in class” management. “It really gives Signet an entry way into the Canadian market,” he said. “I wouldn’t be surprised if Signet uses some of the real estate it currently has in Canada and potentially convert some of the underperforming Mappins stores into potentially a Kay store or a Jared store…. which I think would be very well-received.” With files from Bloomberg
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Winnipeg Free Press Passages
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BERNICE HERD
Peacefully, on February 14, 2021, Bernice Herd (Badali) passed away at home at the age of 90 years.
She is lovingly remembered by her
children, Laurie, Jeff, Cathie (John Denomme), Mary (Bill Redekop), Anthony (Darlene), Clare (Russ Macsymetz), and
Karen (Ken Mytruk); her grandchildren,
Sarah (Jason), David (Signy), Maeva, Shani, Ethan, Tim, Jacob, Kathrine, Michael
(Christine), Nathan (Chauntel), Matthew (Alanna), Bethany (Christie), Stephen, Kelsey, Adam (Laura) and Kyle (Cori); and her great-grandchildren Remy, Flynn and Jonas.
Bernice was born in 1930 to Gus and Nina Badali, and lived most of her life in Winnipeg. Her cousin, Pat Olsen, was also an only child and they became like sisters. In school, she met the love of her life, Jack Herd. They
married in 1951, and were best friends and soul mates for 58 years till his passing in 2009. Together, they raised seven children in the family home in Transcona – where they made many great neighbours and friends.
Bernice was the consummate caregiver. Her nurturing extended beyond her own
children, often to their spouses or significant others, grandchildren, neighbours, friends, and extended family members. She was
always quick to offer a meal, baking, sewing or a ride to shopping or appointments.
Bernice was active in the Catholic Women’s League and their parish church, St. Joseph the Worker. She often helped with the annual church bazaar or serving at funerals. After being a stay-at-home mother for many years, Mom went out to work part-time at Peoples Jewellers and the Bay. She stayed active by gardening, taking university courses in
Italian and History, travelling, feeding her birds and Gracie the squirrel, doing Tai Chi with Jack and her favourite hobby,
babysitting and spoiling her many
grandchildren.
In later years, Bernice cared for her father, mother and aunt Lucy as they all faced
illnesses. She was our rock, and took
extraordinary care of our dad when he was diagnosed with Diabetes and later,
Alzheimers. Even after knee replacement surgery and a heart failure diagnosis, she was active and continued to live independently with help from special people like Angie Nieckarz and Mel Stewart. She enjoyed her visits and calls with her cousin in Vancouver, Carol Engler. She especially enjoyed
watching her Winnipeg Jets and Blue
Bombers.
The family wishes to thank the staff of Health Sciences Centre Emergency, Concordia Hospital, Palliative Care Services, and special family friend, Win Torchia, for her friendship and daily check-in calls.
A Celebration of Life will be held at a later date.
In lieu of flowers, please donate to a
charity of your choice.
Good-bye my family, my life is past.
I loved you all to the very last.
Weep not for me, but courage take.
Love each other for my sake.
For those you love don’t go away.
They walk beside you – every day.
E.J. COUTU & CO. FUNERAL DIRECTORS
ejcoutu.ca
As published in Winnipeg Free Press on Feb 20, 2021