Year in review 2014: Biggest business blunders and busts

10: Valeant’s botched Botox deal

This year, Quebec-based Valeant Pharmaceuticals International Inc. found out what the embarrassment of botched liposuction feels like after its hostile takeover of Botox-maker Allergan was repeatedly rebuked. Over the course of six months, what should have been run-of-the-mill acquisition talks turned into a mud-slinging fest with Valeant and co-suitor activist-investor Bill Ackman. In one corner, saying the Botox maker was providing misleading info to investors while Allergan alleged Valeant and Ackman were the one’s breaching securities rules. The result came mid-November when Valeant’s big pharma rival Actavis galloped in and snapped Allergan up for $66 billion, a better deal than the $53 billion being offered by Valeant. (REUTERS/Shannon Stapleton)

The big pharma CEOs aren’t the only ones cranky from 2014’s results. In June, after several years of sexual harassment allegations, the Montreal-born founder of American Apparel – Dov Charney – was finally ousted from his post as CEO, chairman and president of the clothing chain. Despite refuting the corporate investigation’s claims that Charney forced a former employee to perform sexual acts and used company money and apartments for friends and family, the disgraced CEO was ultimately given the boot by the board. (REUTERS/Mario Anzuoni/Files)

8: Canada's spectrum auction fails to produce fourth national carrier

Speaking of boots, it seemed like Verizon might plant there’s on Canadian soil when rumours swirled that the telecom provider could be cooking up a bid for their piece of the federal government’s 770 MHz spectrum by throwing their dollars behind Wind Mobile. It seemed Canadians might finally break free of the big three – Rogers, Bell and Telus. Unfortunately it wasn’t meant to be. Verizon denied the rumours and Wind Mobile ultimately backed out of the auction after their parent company VimpelCom, decided not to support the move financially.

(REUTERS/Mark Blinch)

7. Target Canada shows it’s got a lot of work to do

Perhaps Verizon was scared off by the failure of another iconic American brand north of the border – Target. The chic-cheap company’s initial rollout into Canada reads like a case study on letting down consumers. Between spring 2013 and 2014, the U.S. retailer lost US$1.52 billion in operating costs, ticked off consumers with abysmal item availability and fired the president of Canadian operations. Ultimately, the chain has spent the last two quarters of the year licking its wounds and rejigging its Canadian expansion plans. (REUTERS/Geoff Robins/Files)

4. Staples Canada closes several stores

As if worrying about that moment when you show up in the same outfit as your coworker due to limited wardrobe options isn’t enough, now you have to guard your stapler. In October, Staples Canada announced it was closing 15 of its 331 stores in the country. But unlike the encroachment of innovative fast fashion brands, Staples Canada is downsizing to keep pace with the increasingly online-focused office supply economy. It’s part of parent company Staples plan to shutter 12 per cent of its stores to free up some funds for the digital duel against e-commerce companies like Amazon. Good luck, guys. (REUTERS/Rick Wilking)

3. Home Depot breach

Of course, e-commerce has brought with it a whole new range of concerns as highlighted by the security breach of Home Depot’s point of sale system. Between April and September, hackers stole 53 million email addresses and customer data for 56 million debit and credit cards, which the company estimates will cost $2 to $3 billion in fraudulent purchases. As of late November the company was facing 44 lawsuits in Canada and the U.S. as a result of the data breach. (REUTERS/Jim Young)

1. Oil price falls and Western Canada’s good fortunes with it

Which brings us to our next bust… sinking oil prices. With an influx of oil flooding the global marketplace and OPEC’s refusal to scale back production to stabilize the worldwide price plummet, oil is reaching a few of its own five year lows. But while consumers get pumped about low gas prices (see what we did there?), oil revenue-dependent provinces like Saskatchewan, Alberta and Newfoundland are less than psyched. In October, BMO economist Robert Kavcic penned a report titled 'Life with $85 Oil' outlining the negative effects on oil revenue-dependent provinces. In it he estimated Alberta is missing out on a whopping $1.2 billion with the bargain prices. Wait ‘til he hears that it’s fallen below $70 since he put out the report. (REUTERS/Shannon Stapleton/Files