XS Cargo, a nationwide retail chain that sells name-brand goods from distressed companies, is going out of business.
The Mississauga-based chain, founded in 1996, operates stores in eight provinces and has eight in B.C., including its only Island store in Victoria, at 3090 Nanaimo St.
The chain is shuttering after filing for creditor protection in July.
“Unfortunately, efforts to restructure the business did not result in an economically sustainable model, so the company determined that liquidation was the only option at this juncture,” said Bradley Snyder, executive managing director of Tiger Capital Group.
Tiger Capital has been appointed to run the going-out-of-business sale.
Though no final closing date has been provided, Snyder expects merchandise, store equipment and fixtures to move quickly. The company’s website notes Deal Seeker cards will no longer be accepted as of Oct. 8. The liquidation of the Canadian liquidator means already discounted prices will be slashed, said Snyder.
The company made its mark by purchasing name-brand goods from distressed companies across a range of merchandise categories.
Snyder said that, throughout the sale, “fresh merchandise from the distribution centres will be arriving daily into the stores.”
At the time of its filing for creditor protection, XS Cargo employed 650 people, including 195 full-time workers.
In its filing, XS Cargo said its financial condition deteriorated in the wake of increased competition in the discount retail sector and took a hit when Target moved into Canada.
All XS Cargo locations are expected to maintain their regular store hours — 9 a.m. to 9 p.m. Monday through Friday, 9 a.m. to 6 p.m. Saturday and 10 a.m. to 6 p.m. Sunday.
With additional reporting by The Canadian Press
