It’s always sad to see a company throw up the white flag, but when the company is Canadian it’s especially heartbreaking. Last Tuesday, the Canadian women’s retailer, JACOB, issued a press release announcing that they had filed for bankruptcy. They will be liquidating all 92 of their retail store locations within the next couple of weeks.
The Montreal-based retailer had been under creditor protection since 2010 and had underwent operational restructuring, but was unable to secure any new financiers or to make the business profitable since then. After 35 years in business the company was unable to keep up with the rough economy and the influx of new international retailers to Canada’s retail landscape.
Are you surprised that JACOB filed for bankruptcy?
Source: The Globe and Mail