The Vancouver-headquartered retailer with 42 stores across North America owes over $25 million to creditors. That includes $3.19 million to secured creditors—Shopify, the Business Development Bank of Canada and Royal Bank of Canada—plus $17.35 million to unsecured creditors. Its foreign subsidiaries owe $4.59 million. (The Logic)

Talking point: The petition to the court cited Oak + Fort’s bullish brick-and-mortar store expansion in 2021, high interest rates, inflation and uncertainty from tariffs as reasons for its liquidity crisis. Tariffs from the U.S. on China—where the company makes 68 per cent of its products—have “heavily eroded margins” and pushed gross margins negative in recent months, according to an affidavit filed by chief executive officer Min Gyoung Kang on June 6. Oak + Fort is also planning to file for Chapter 15 bankruptcy in the U.S.