Coronavirus: Frank and Oak, the last Canadian clothing retailer to file for creditor protection

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Frank and Oak is the last retailer most skilled at seeking creditor protection as he faces challenges in the face of the COVID-19 pandemicParent company Modasuite Inc. filed notice last week of its intention to file a proposal under the Bankruptcy and Insolvency Act.

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

[signup_text]READ MORE: Reitmans closes Thyme Maternity and Addition Elle brands undergoing restructuring

KPMG Inc. will act as trustee.

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

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

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© 2020 The Canadian Press



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