Wednesday, October 22nd12.2°C
23711
22952

Womenswear retailer Jacob files for bankruptcy, set to close all 92 stores

MONTREAL - Women's clothing retailer Jacob Inc. has filed for bankruptcy and will be liquidating inventory at all 92 of its stores across Canada in the coming weeks.

The Montreal-based company has been under creditor protection since November 2010 and underwent operational restructuring. But the company says it was unable to make the business profitable or to find new financiers.

In a release issued on Tuesday, the company cited the challenging economy plus the influx of new international retailers to the Canadian marketplace among the factors leading to the company's inability to overcome its financial challenges.

"Although we did not achieve the desired result, I am proud of the passion and dedication that the Jacob team showcased over these past few years while trying to bring the company back to financial health," president and founder Joey Basmaji said in a statement.

"I would like to sincerely thank each employee and business partner that contributed to our success during these 35 wonderful years. I hope that the remaining Canadian retailers will get through these difficult economic times."

The Canadian Press


Read more Business News

22831


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8898+0.0003
Gold1242.10-3.40
Oil79.93-2.03
Lumber329.60+0.90
Natural Gas3.662-0.049

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 





FEATURED Property
2059656491 Philpott Rd
10068628 bedrooms
$1,075,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22771