Jack & Jones expected to close stores in Canada after bankruptcy filing
The Montreal-based company operates 60 stores across Canada, primarily under the Jack & Jones label.
The company said in court documents that it owes $39 million to creditors, per Retail Insider.
Bestseller Canada is a division of the Denmark-based Bestseller group, which was founded in 1975. The international clothing company caters to women, men, teenagers and children, and operates about 2,750 locations worldwide
Like many other companies, Bestseller Canada was forced to shut down operations in March for about eight weeks as a result of the pandemic, which likely took a large bite out of sales. The company also shut five locations prior to the pandemic.
Comark currently operates 310 store locations in Canada. The company says that it intends to reopen storefronts while closing those locations that are underperforming.
"Comark commenced proceedings under the CCAA to restructure its operations and address the impacts of a challenging retail environment and the COVID-19 pandemic," the statement said.
"The restructuring proceedings will provide Comark the opportunity to optimize its store footprint and leasing costs with the aim of emerging as a stronger business, better able to serve and support its loyal customers."
Jack and Jones
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