By Jasmine Chorley Foster
Canadian clothing retailer Jacob has filed for bankruptcy and is set to liquidate inventory at all 92 stores.
The Montreal-based client was very loyal to Canadian models. The company had an especially good relationship with Chantale Nadeau and her models. The bankruptcy will come as a blow to many female models who regularly shot e-commerce and lookbooks for the company.
The Globe and Mail reports:
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.”
Read more here.