The global health crisis hasn’t been easy for retailers. With the mandatory closure of non-essential businesses, many stores and restaurants, both small and large, have been pushed to the limits.
Companies teetering pre-COVID — like J.Crew and Gap — are facing difficult decisions and now it seems like a popular Canadian camera retailer will be closing stores, too.
Henry’s, otherwise known as “Canada’s greatest camera store,” filed a Notice of Intention to Make a Proposal (NOI) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act on May 1.
According to Insolvency Insider, Cranbrook Glen Enterprises Ltd., the company that operates camera and accessories retailer Henry’s, intends to shutter close to a third of its stores. With the temporary closure of all 30 Henry’s stores due to COVID-19, the retailer has seen a large impact on its sales.
Henry’s plans on restructuring its business.
Its e-comm business will remain open, as well as 23 of its stores across Canada. Currently, Henry’s operates retail locations in British Columbia, Manitoba, Halifax, and Ontario, with the majority of stores based in the greater Toronto area.
The company hasn’t confirmed which locations will be closing yet, but we’ll keep you updated as the story progresses.
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