Timmy's is becoming Canadian
Whenever I go up into Canada, there seems to be a Tim Horton's on every streetcorner. Decent coffee, good food, great donuts. A Canadian institution...
Actually no, they are a spin-off from Wendy's.
But they are reorganizing as a Canadian company.
Feeling confused -- check out this
story from the CBC:
Tim Hortons to register as Canadian firm
Tim Hortons Inc., the coffee chain with an image as Canadian as hockey and maple syrup, said Monday it plans to change its registration to become a Canadian company.
The company said it has filed a plan with the U.S. Securities and Exchange Commission to become a subsidiary of a firm incorporated in Canada. Tim Hortons is currently the subsidiary of a U.S. firm, after being spun off by former owner Wendy's International in 2006.
The management and board of directors of Tim Hortons said the move would boost the company's position to take advantage of lower Canadian tax rates commencing in the year after the change is made.
"The company currently earns the substantial majority of its income in Canada," Tim Hortons said, owing to the fact that it has 2,930 outlets in Canada and 527 in the United States.
Some of the stores share a building with a Wendy's -- this explains a lot...
Posted by DaveH at June 29, 2009 9:53 PM