Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories Le Château Inc. recently filed an application seeking protection of the court to proceed with the orderly liquidation of its assets and wind down its operations. The application was heard by a court in Quebec on October 23, the company said in a statement.
“Management and the Board of Directors of the Company have come to the very difficult decision that the Company can no longer continue its operations as a going concern after having used its best efforts over the preceding months, with the assistance of professional advisors, to refinance or sell the company to a third party that would continue operating the business,” the company said.Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories Le Château Inc. recently filed an application seeking protection of the court to proceed with the orderly liquidation of its assets and wind down its operations. The application was heard by a court in Quebec on October 23, the company said in a statement.#
The COVID-19 pandemic and the second wave currently hitting Canada has affected consumer demand for Le Château’s holiday party and occasion wear, which represents the core of its offering, and has diminished the retailer’s ability to pursue its activities, it said.
Le Château, headquartered in Montréal, currently has 123 stores across Canada, in addition to its e-commerce website. Throughout the liquidation process, the company will remain fully operational, and physical stores are expected to remain open in conformity with provincial and regional guidelines.
ALCHEMPro News Desk (DS)
marketing@alchempro.com
