5 Retailers that Closed Locations in Canada in 2016
This year, Canada saw an influx of international retailers. Stores like Nordstrom, Saks Fifth Avenue, and Uniqlo opened their doors in Toronto for the first time in 2016 but the city also saw a number of closures. Below are 5 retailers that closed locations in Toronto and Canada.
After being open for 68 years, Toronto’s iconic bargain centre Honest Ed’s, will see it’s doors close on December 31, 2016. The space will be redeveloped into rental apartments, a public market, and retail spaces.
Teen-friendly chain, Aeropostale ran into trouble April 2016 when they began preparing to file for bankruptcy. Just a short time later, the once mall staple announced they would close 113 stores, including all Canadian stores – 41 in total.
In August 2016, Ben Moss Jewellers announced they would shutter all 54 locations, citing a weak Canadian dollar and soft western economy as the reason for closure. Prior to the announcement, the Canadian jeweller had been operating for 100+ years.
The Canadian retailer began insolvency proceedings, as well as a hunt for investors or buyers, in February 2016 and just a month later, began liquidating and closing all store locations. However, in the summer of 2016, Danier was able to secure a buyer and re-launched under new ownership in October. The retailer has dropped the “Leather” from the name, has a few stores in Ontario, and a revamped online shop.
While American Apparel may not be officially closed yet, they are in trouble. In November 2016, the retailer filed for bankruptcy – their second time in two years. Montreal-based Gildan activewear Inc. has since signed a $66 million (US) deal for the intellectual property rights and some manufacturing and warehouse assets belonging to American Apparel. Gildan will not be taking over any retail locations which could lead to operations shutting down. Since declaring bankruptcy, American Apparel has halted e-commerce sales in Canada, closed stores in Montreal (the city which is was founded) and Toronto, terminated their Canadian Instagram account, and is hosting liquidation sales at locations still open.