The new year is off to a rough start for Canada's retail industry, with two companies seeking creditor protection and closing stores while they consider how to move forward
The company, which court filings say has 2,056 employees in Canada, said it would seek a future court order to liquidate some of the Bootlegger stores. Its lawyers did not respond to a request for comment. "Certain vendors have stopped shipping new merchandise and have stated that they are not willing to commence production for summer and fall product merchandise," Kassam said.
"An abundance of excess inventory sits on rails in the stores at the end of each season. They are inundated with inventory and deep markdowns which tells me they don’t know what their customer wants.""The assortment was dull and boring," she said. "The sales associates didn’t have sales training and lacked customer service skills. Meaning, I was greeted and told about the sale but that was it.
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Canadian Clothing Retailers Seek Creditor Protection Amid Industry ChallengesTwo Canadian clothing retailers, Comark Holdings Inc. and Frank and Oak, have filed for creditor protection, highlighting the difficulties faced by the retail sector due to decreased consumer spending and competition from online fast-fashion retailers. Comark, owner of Ricki's, cleo, and Bootlegger, is closing its Ricki's and cleo stores and plans to consolidate Bootlegger locations. Frank and Oak, acquired by Unified Commerce Group in 2020, is seeking a viable path forward, potentially involving a sale, as it grapples with pandemic-related losses.
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Canadian Stocks Outperforming US Holdings, Says Money ManagerMoney manager Vishal Patel is shifting some of his U.S. investments to Canadian stocks, believing they will outperform in the coming years. He cites strong management teams and high-quality companies in sectors like consumer staples, financials, and industrials as reasons for his optimism. While expecting some market volatility, Patel remains bullish on the long-term prospects of the stock market.
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