The Latest Canadian Company to File for Bankruptcy Protection: Comark Inc
Things started to look up for the Canadian retail industry when Bikini Village was given a second chance and acquired by La Vie en Rose after falling victim to Canada’s poor retail landscape, but now it looks like there’s more bad news.
Comark Inc., the company owns Ricki’s, Bootlegger and Cleo, was granted an initial order for creditor protection today. They now joins the list of Canadian retailers who have closed locations in Canada – a list that includes Jacob, Mexx and Parasuco, and continues to grow. The Mississauga-based company, which has been around since 1976 and is 39-years-old, has more than 300 stores across Canada. As a part of restructuring, Comark Inc. will close a number of under-performing stores under each of its banners within the next 30 days. They are also reviewing corporate staff levels at their Mississauga headquarters and regional offices and distribution centres in British Columbia, Quebec and Winnipeg.
For now, stores will continue to operate as normal. We will keep you updated as the story progresses.