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)
Skip to content
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.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
Analysis
These AI startups are making millions with tiny teams
Briefing
Supply-chain management vendor Kinaxis reports revenue jump and higher profit
Flush with cash, Suncor Energy boosts share buybacks—but doesn’t rule out production growth
Goodfood seeks creditor protection as it tries to sell itself
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
