Toronto-based multi-brand denim and fashion retailer Jean Machine has found a buyer and as a result, stores will remain open and employees will keep their jobs. Jean Machine sought bankruptcy protection in early January of this year.
Pacific West Commercial Corporation, an affiliate of Vancouver-based Stern Partners Inc., announced yesterday that it had acquired the business and assets of Jean Machine and that the retailer will continue to operate as an independent entity. The new owner has also offered jobs to nearly all of Jean Machine’s employees. Jean Machine currently operates 31 store locations, all in Ontario.
“We are excited about the long-term potential of Jean Machine and the denim and casual apparel market in Canada,” said Ronald N. Stern, President of Stern Partners. “We are confident in the underlying business and believe that, with Jean Machine’s liquidity issues behind it, the business is well-positioned for success. We are excited about growing the business with the company’s valued employees, customers, and suppliers.”
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