Veteran Canadian fashion retailer Boutique Jacob Inc. is closing its doors after years of pressure from larger global players.
The Montreal-based company, which has 92 stores across Canada including one at St. Vital Centre, will liquidate its inventory in the coming weeks after filing a notice of intention Tuesday to make a proposal to its creditors under the Bankruptcy and Insolvency Act.
Boutique Jacob's expiry comes after years of steady penetration into Canada from international cheap-chic fashion giants such as Zara, H&M, Forever 21 and Aeropostale.
Jacob filed for creditor protection under the Companies' Creditors Arrangement Act in late 2010 and restructured its operations. In a statement, the chain said it remained under pressure thereafter from a tough economy and "international competitors who quickly stole market share" from Canadian retailers.
-- staff / Financial Post