Frank And Oak seeks bankruptcy protection after racking up huge debt
Frank And Oak is filing for creditor's protection under the Bankruptcy and Insolvency Act after racking up debts that amount to $19 million, according to a report from Le Journal de Québec.
The beloved Montreal clothing brand has become a staple in Canadian wardrobes after its inception in 2012, growing from a men's-only brand to eventually include women's clothing.
Frank And Oak currently operates 20 stores across the country, per the company website. The clothing chain employs upwards of 200 people and has an annual turnover of about $40 million.
Co-Founder and COO Hicham Ratnani said that Frank And Oak took a hit as a result of the pandemic, per La Presse.
"Like many brands and retailers, Frank And Oak was severely affected by the COVID-19 pandemic and therefore made the difficult decision to file a notice of intention," Ratnani said in French.
The company now plans to restructure and focus on its e-commerce operations.
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