Sunday, January 25th2.7°C
24779
24285

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

24497


Recent Trending




Today's Market
S&P TSX14779.35+15.369
S&P CDNX678.18-0.79
DJIA17672.60-141.38
Nasdaq4757.879+7.481
S&P 5002051.82-11.33
CDN Dollar0.8034-0.0006
Gold1298.70+6.10
Oil46.35-2.34
Lumber311.50+6.50
Natural Gas2.927-0.059

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.38+0.06
Cantex0.035+0.005
Anavex Life Sciences0.1810.00
Metalex Ventures0.040.00
Russel Metals24.48+0.32
Copper Mountain Mining1.10-0.02
Colorado Resources0.155+0.005
ReliaBrand Inc0.006+0.001
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.22+0.02

 



24153

FEATURED Property
20892954896 Lakeshore Road
4 bedrooms 6 baths
$6,495,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_





24465


Member of BC Press Council


24598