Just when you thought it all couldn’t get any worse, we get the news that beloved Canadian shoe retailer ALDO is reportedly planning on closing almost half of its Canadian stores.
Retail-Insider reports that the Montreal-based retailer will be closing down 40% of its fleet.
This news comes after it was revealed that the shoe and accessory retailer filed for creditor protection back in May. In a release, the company said, “Like many other fashion retailers, we have been operating in a challenging retail environment over the last several years. Two years ago, we designed and began executing a comprehensive plan to restructure the business. We were making strong progress, but the impact of the COVID-19 pandemic has put too much pressure on our business.”
The retailer also explained that they’re unable to predict how long the restructuring process will take but “our goal is to emerge from these proceedings as quickly as possible. However, the process can take several months.”
There’s no word yet on exactly which ALDO stores will be closing as those details will come once the process has started.
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