Dutch Retailer MEXX has Declared Bankruptcy
While holidays like Black Friday and Cyber Monday have made it easy to promote sales in Canadian retail, it also intensifies the retail landscape for struggling retailers who can’t afford to offer deep discounts. Mexx now joins the likes of Jacob, Smart Set and Costa Blanca as clothing retailers who have had to close their doors due to weak sales in Canada. A judge in the Netherlands declared Mexx bankrupt on Thursday. The retailer who sells menswear, womenwear and childrenswear has 315 stores worldwide – 95 of them in Canada. In a press release, Mexx’s chief creative officer Julia Hansen stated that deep discounting in Canada was part of the reason for bankruptcy. “The trading business has been challenged by the slowdown in orders and retail sales, particularly in Europe, with the impact of the Russian currency depreciation, the Eastern European political unrest, and by promotional pricing pressure in Canada,” the release said.
Mexx hasn’t stated when their final day will be, but they will continue to remain open while they sell off their merchandise.