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July 13, 2020
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Frank and Oak latest Canadian clothing retailer to file for creditor protection

MONTREAL — Frank and Oak is the latest clothier retailer to seek creditor protection as it faces challenges dealing with the COVID-19 pandemic

Parent company Modasuite Inc. last week filed a notice of intention that it plans to file a proposal under the Bankruptcy and Insolvency Act.

The Quebec-based company was launched by Ethan Song and Hicham Ratnani in 2012 as an online brand, but now has stores across the country.

KPMG Inc. will act as trustee.

The retail sector has been hit hard by the pandemic which forced the closure of non-essential stores to help slow the spread of the novel coronavirus.

Reitmans (Canada) Ltd. announced earlier this month that it will close two of its retail chains and lay off roughly 1,400 workers as it a restructures under the Companies’ Creditors Arrangement Act.

This report by The Canadian Press was first published June 29, 2020

Click Here to Visit Orignal Source of Article https://montreal.ctvnews.ca/frank-and-oak-latest-canadian-clothing-retailer-to-file-for-creditor-protection-1.5004392

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