This year has been a tough year for retailers, both large and small. Stores like Aldo Shoes, Le Chateau, J.Crew, MUJI, Victoria’s Secret, and more have shown signs of trouble and industry analysts say we can expect even more retailers to close stores in the future.
According to an insolvency notice, the company is said to be closing “all or substantially all” of its stores.
Between Mendocino and M Boutique, the company runs around 28 retail stores across the greater Toronto area. The insolvency notice states that the company has over $7 million in debt. However, Mendocino isn’t filing for bankruptcy or throwing in the towel just yet.
As we begin to see stores close, Mendocino will be shifting its focus to e-commerce sales, which did not exist pre-COVID.
At the beginning of the pandemic, M Boutique launched its first online pop-up shop and based on recent announcements, it looks like we’ll be seeing a lot more of the Toronto womenswear retailer online soon.
Articles You Might Be Interested In
The Running List Of Retail Store Closures And Bankruptcies In 2020
Toronto’s Most Iconic Crepe Restaurant Has Permanently Closed
ALDO Is Planning On Closing Half Of Its Canadian Stores
Muji U.S.A. Has Just Filed For Chapter 11 Bankruptcy
Why Trouble Might Be On The Horizon For Le Chateau