Jean Machine in Trouble, Seeks Bankruptcy Protection
Another Canadian retailer has its back up against the ropes: Jean Machine chain has filed for bankruptcy protection. With approximately 35 stores selling mid-to-high-end denim, The Globe and Mail is reporting that they have been unable to rise up against competition, especially from deep-pocketed brick and mortar chains and nimble online retailers.
The Toronto-base retailer has quietly filed their notice of intention in an Ontario Superior Court to create a restructuring proposal under the Bankruptcy and Insolvency Act as they owe an unspecified amount to their creditors.
While there has been little information released as to what exactly will happen to Jean Machine and their 35 stores, we will keep you up to day as information arises.