Another in a long line of retailers is looking to bankruptcy laws to deal with huge financial losses stemming from the COVID-19 pandemic.
Retailer Boutique Tristan & Iseut Inc. is the latest to seek out creditor protection.
The company behind the Tristan fashion brand filed a notice of intention on July 21 to file a proposal under the Bankruptcy and Insolvency Act, according to documents posted online by trustee MNP Ltd. MNP says the notice is often the first stage of a restructuring process, and protects companies from creditors until they can create a plan to reorganize.
Tristan joins other Canadian retailers, such as Frank and Oak, Reitmans and Aldo Group, that have filed for some form of creditor protection in recent months.
Reitmans has closed its Thyme Maternity store in Burnaby and is set to close its South Burnaby Addition Elle outlet in mid-August.
Also in Burnaby, all DavidsTea stores have been closed permanently. The long-time shoe company Ronsons has also closed its Burnaby outlets forever.
The company, founded in 1973, had long promoted that up to 30 per cent of its clothing was Canadian-made.
More recently, Tristan has been manufacturing face shields for use as protective equipment during the COVID-19 pandemic.
- With files from the Canadian Press
