The Montreal-headquartered retailer filed for protection under the Bankruptcy and Insolvency Act for the second time. According to Retail Insider, it owes creditors, including parent company Unified Commerce Group (UCG) and Desjardins, $71 million in debt. (Retail Insider, The Logic)
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The Montreal-headquartered retailer filed for protection under the Bankruptcy and Insolvency Act for the second time. According to Retail Insider, it owes creditors, including parent company Unified Commerce Group (UCG) and Desjardins, $71 million in debt. (Retail Insider, The Logic)
Talking point: Frank and Oak was bought out by UCG in 2020, after its parent company Modasuite filed for bankruptcy, citing a competitive retail environment that was exacerbated by the pandemic. UCG chief executive Dustin Jones led the retailer’s international expansion with new store openings in the U.S. and Shanghai. Frank and Oak competes as a higher-cost option with a focus on sustainability, as low-cost fast fashion has turned the industry upside down. “Despite significant growth over the past few years, the company has struggled to recover from losses incurred as a result of the COVID-19 pandemic,” Jones said in a Dec. 16 letter to creditors.
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