Bikini Village Files for Bankruptcy Protection
The fate of Canadian retail is up in the air as another retailer gets ready to throw in the towel. The Quebec-based swimwear retailer, Groupe Bikini Village Inc, filed for bankruptcy protection earlier this week. The company is currently seeking funds through a partner or buyer and creditor protection to help it reach profitability after a course of million-dollar quarterly losses. The Canadian retailer reported a loss of $6.4 million for the fiscal year of 2014. The previous fiscal year saw a loss of $1.1 million.
Global News spoke to the chairman of the board for Bikini Village, Jocelyn Dumas, who said that in order for the company to survive, they need “an injection of capital,” which could come through “an investment, a strategic partner or outright sale of the company.” Until then, the future of the swimwear company seems bleak as it “has less chances of returning quickly to profitability on its own.” As of right now, Bikini Village operates 52 stores across Eastern Canada and employ approximately 400 people. They have not confirmed any job cuts or closures, though Dumas says “everything is on the table.”