Major clothing retailer declares bankruptcy in Canada


                                                             Watchmore
Two major Canadian clothing retailers have declared bankruptcy: Frank And Oak and Comark Holdings Inc. (which owns Ricki's and Cleo).Frank And Oak
  • Filed for bankruptcy protection with over $70 million in debt
  • Creditors include Desjardins, Revenu Quebec, and Shopify
  • Owes $1.7 million to Canada Revenue Agency
  • Second bankruptcy filing since 2020
Comark Holdings Inc.
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  • Closing all 75 Ricki's and 54 Cleo stores
  • Filed for creditor protection under Companies' Creditors Arrangement Act
  • Operates 221 stores across eight Canadian provinces
  • Employs over 2,000 people
Underlying Challenges
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  • COVID-19 pandemic impact
  • Intense retail competition
  • Supply chain disruptions
  • Shifting consumer behaviors
These bankruptcies reflect broader challenges in Canada's retail landscape, with nearly half of Quebec's retailers filing for bankruptcy in 2023.

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