BUSINESS IN BRIEF

Hortons closing 4 more U.S. outlets

Tim Hortons parent company Restaurant Brands International closed four more American locations as the coffee-and-doughnut chain struggles to overcome franchisee discontent and souring public opinion.

RBI says it reached a mutual agreement with the franchisee in Cincinnati, Ohio, to close four restaurants.

Spokeswoman Devinder Lamsar did not directly answer why the company made the decision and instead sent a statement.

“Every market we enter poses unique opportunities and challenges, the U.S. market is no different," the statement reads. "We have learned a great deal about what works well and areas where we can improve by working closely with our area development partners.”

The company has seen robust growth in some markets, like New York and Michigan, she said in the email.

However, it has closed multiple restaurants in the U.S. over the past several years.

It reportedly recently also closed an Indianapolis, Ind. location after less than four months of operations.

Sell-off leads TSX to close lower

TORONTO -- Canada's main stock index closed lower following a major sell program from an unknown international dealer, while U.S. markets rose.

The Toronto Stock Exchange's S&P/TSX composite index closed down 133.94 points at 16,286.30 in a broad-based decline following a selloff that hit most of the TSX-60 names.

The source of the selloff is unclear, but it comes after Saudi Arabia has responded forcefully through economic and political means to criticism from Canada's Global Affairs Ministry about the arrest and detention of two female bloggers and activists in the kingdom.

In New York, the Dow Jones industrial average closed up 126.73 points at 25,628.91. The S&P 500 index ended up 8.05 at 2,858.45 and the Nasdaq composite index was up 23.99 points at 7,883.66.

The Canadian dollar averaged 76.79 cents U.S., down 0.23 of a US cent.

The September crude contract closed up 39 cents at US$68.33 per barrel.