Another Canadian Retailer In Deep Water – m0851 Files for Creditor Protection
The retail industry in Canada is still experiencing quite the shake-up. With major retailers closing seemingly every month, it’s not really a surprise to hear that another Canadian retailer is in the process of restructuring. According to Insolvency Insider, upscale Montreal-based leather and apparel brand m0851 (formerly Rugby North America) has filed a Notice of Intention to make a proposal under the Bankruptcy and Insolvency Act on September 27.
While it should be noted that m0851 is not closing – the company actually had one of its best financial years this year, and until recently operated 22 stores globally. The new restructuring process will see 16 stores left open but will see the closure of their franchised international stores and a few closures in the Montreal area.
To get more information about m0851 and their proposal under the Bankruptcy and Insolvency Act check out our friends at Retail-Insider.