The Montreal-based fashion retailer owes about $145 million to creditors, including BMO, RBC, Scotiabank, National Bank and JPMorgan Chase, Bloomberg reported. The lenders “have lost confidence in Ssense Group’s ability to oversee its operations,” they wrote in an application to the Superior Court of Quebec, asking the court to place the company under a monitor that can find new investors to take over the business. Ssense had $420 million in assets and $517 million in liabilities as of June 30. (Bloomberg)

Talking point: The lenders want to see non-binding offers for a sale by Oct. 6 and suggested selling the company’s inventory this month so it can raise cash. Ssense CEO Rami Atallah told employees last week that the company was seeking creditor protection after its main creditor filed its own application to sell the company without Ssense’s consent. While the company has suffered from new U.S. trade policies, Atallah said it had a plan to restructure and stabilize the business. The lenders said they weren’t satisfied with Ssence’s financing plan and are demanding repayment for their loans.