It’s no secret that the retail business just isn’t getting any easier to navigate, especially during the current COVID-19 pandemic, it’s definitely not helping businesses and retailers. It’s just been announced that all Addition Elle and Thyme Maternity stores will permanently close in Canada.
This news means that 77 Addition Elle and 54 Thyme Maternity locations will close as part of Reitmans’ restructuring plan since it filed for creditor protection just last month.
“The strategic decision to close two beloved Canadian fashion brands was not made lightly, but it is necessary to enable our business to move forward as a profitable organization. All of the efforts we put forth to turn these brands around were derailed by the COVID-19 pandemic and, unfortunately, we can no longer afford the required resources to bring them back to profitability,” said Stephen Reitman, President and Chief Executive Officer of Reitmans (Canada) Limited, in a statement.
These closures mean that 1,100 employees in Addition Elle and Thyme Maternity retail stores as well as about 300 head office employees in Montreal will lose their jobs.
According to Retail-Insider, the main goal is to liquidate all inventory in anticipation of these permanent closures which are planned for July 18 for Thyme Maternity and August 15 for Addition Elle.
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