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The city began construction on Grainger Plaza in August 2023, limiting access to the popular sculpture in Millennium Park.
As Chicago dealt with a shortage of shelter beds, Toronto was also managing a shelter crisis amid an increase in people seeking refuge in Canada.
Canada is known for its friendlier approach to immigration, but it also faces hurdles as record numbers of people are displaced globally.
The company's subchapter v filing, which is under Chapter 11, comes after the business marked its 30-year anniversary in 2023.