Several Canadian fashion stores like Bootlegger, Ricki’s and Cleo will soon be closing permanently.
Comark Holdings Inc., which has 221 stores across eight provinces, has filed for creditor protection under the Companies Creditors Arrangement Act (CCAA).
The company said the decision was made after dealing with financial difficulties.
According to their statement, Comark decided to shut down its Ricki’s and Cleo operations and close all related retail stores after reviewing all possible options.
The company stated it will be reducing the number of Bootlegger stores to better position itself in the current retail market.
They also added that all stores will remain open during the liquidation process.
Comark intends to seek a further court order to approve the full liquidation of all Ricki’s and Cleo’s stores and certain Bootlegger locations.
The Ontario Superior Court of Justice has appointed Alvarez & Marsal Canada Inc. as the monitor to oversee the CCAA proceedings.
The initial court order provides a 10-day stay of proceedings and may be extended by the court, according to Comark’s statement.
