Tip Top Tailors In Huge Debt, Store Closures Likely
The CBC is reporting that Grafton Fraser Inc, the owners of Tip Top Tailors, George Richards Big and Tall and Kingsport are seeking protection from its creditors as the brand restructures facing tens of millions of dollars in debt.
The brands owned by Grafton Fraser Inc. requested and was granted protection under the Companies Creditors Arrangement Act. They cited lower than expected retail sales, increased overhead costs and inventory problems as the reason why the company has been unable to pay its creditor debts.
Essentially Gordon Fraser brands need time to restructure in order to secure their future, however, according to the CBC is very likely that TIP TOP Tailors will see some store closures in the near future.