Hey there, time traveller!
This article was published 6/5/2014 (872 days ago), so information in it may no longer be current.
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