Jacob Will Officially Be Closing
If you’ve passed the Jacob in your local mall, you probably noticed the big red sale signs in their windows. Since Jacob declared bankruptcy earlier this year, they’ve been working hard to try and move their product. The Montreal-based retailer was even given a second chance this past summer when The Superior Court of Quebec extended the creditor protection for the womenswear retailer until August 22, 2014. The month was meant to be used to develop a restructuring plan that would help obtain financing and keep some Jacob retail locations open. Unfortunately, not all second chances have happy endings. As of this week, the womenswear retailer will be abandoning their efforts to restructure their business and after 35 years in business, Jacob will be closing all 92 of their Canadian stores. “Unfortunately, the increasingly difficult economic context and the significant decrease in mall traffic weakened the company’s fragile financial situation and forced it to close its doors,” Cristelle Basmaji, Jacob’s spokesperson said in a statement on Tuesday. It sure is sad to see another Canadian retailer go, but with international fast fashion retailers like Zara, H&M and Forever 21, the competition is fierce. Jacob will continue to liquidate their remaining merchandise in stores and online at Jacob.ca, so take advantage of their sale. Right now, they’re offering 40% off all regular priced items and an additional 20% off already reduced items.