Another Canadian retailer has obtained creditor protection as the impact of the COVID-19 pandemic continues to reverberate through the industry.
Laura’s Shoppe Inc., which sells women’s clothing under the Laura and Melanie Lyne banners, announced on Friday that it intends to restructure its debts and has been granted protection under the Companies’ Creditors Arrangement Act (CCAA).
The Montreal-based retailer has 140 stores across the country and two e-commerce sites, which will remain operational during the restructuring. Like many others, Laura was forced to close stores in mid-March and did not begin reopening until June. The closures “severely impacted” sales, the company said in a statement.
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"We have been in business for 90 years, and with the energy and passion of our entire team, we are confident that the company will emerge from the CCAA process even stronger and more resilient than before," chief executive officer Kalman Fisher said in a …