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Miracle Mart
Miracle Mart was a chain of discount department stores with locations in Ontario and Quebec, Canada based in Saint-Laurent, Quebec. The chain was renamed to simply M in the mid-1980s. History The company was founded in early 1961 as Miracle Mart Limited by Montreal-based grocery chain Steinberg's. Later in the year, Steinberg's associated itself with Vancouver-based chain Woodward's. They opened their first store on October 11, 1961, in Pont-Viau under the trade name of Woodward Steinberg. A second store with the same trademark opened in November 1961 at the Place Greenfield Park shopping centre. The partnership between Steinberg's and Woodward ended in 1962 due to differences of opinions, and the two Woodward Steinberg stores were converted to the Miracle Mart name. Miracle Mart operated at mid-level and competed with the likes of Towers/Bonimart, Zellers, Woolco and Kmart. There was also a similarly named grocery chain, Miracle Food Mart (Steinberg's rebranded all their ...
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Subsidiary
A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidiary company. Unlike regional branches or divisions, subsidiaries are considered to be distinct entities from their parent companies; they are required to follow the laws of where they are incorporated, and they maintain their own executive leadership. Two or more subsidiaries primarily controlled by same entity/group are considered to be sister companies of each other. Subsidiaries are a common feature of modern business, and most multinational corporations organize their operations via the creation and purchase of subsidiary companies. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, and Citigroup, which have subsidiaries involved in many different Industry (e ...
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