Consumer By Tara Metz
The Canadian Press
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The season has already begun for Canada’s financial sector, with some brands closing locations and requesting creditor protection. A Frank and Oak business is shown in Toronto on Wednesday, June 8, 2016.
THE CANADIAN PRESS/Eduardo Lima.
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The retail sector in Canada is beginning the year with a number of brands requesting bank security and closing locations. As a result of its bank protection lawsuit, women’s clothing retailer Comark Holdings Inc. announces that it will shut down all of the locations under the Ricki’s and Cleo banners. Court records show the Ontario-headquartered organization operates 75 Ricki’s shops, 54 Cleo stores, 20 shared locations and about 19 sites the brands split with Comark’s another symbol Mobster. A court-appointed check says Comark’s success has been negatively impacted by the epidemic, a November 2021 malware attack, more opposition from ultra low-cost clothing retailers and supply chain and vendor issues. UCG Canada Holdings Inc., which is a division of Frank and Oak, claims to be looking for bank defense while looking into possible ways to rebuild its business. It says one of those alternatives may be a price of the Montreal-based firm with 15 businesses. According to court filings, the decision is important because Frank and Oak has been unable to recover losses from the COVID-19 crisis. 2: 18
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