le chateau closing stores 2020
A popular national clothing retailer has become the latest victim of COVID-19. And earlier this year, plus-size clothing retailer Addition Elle closed all 74 of its locations . "Its already evident impact on consumer demand for Le Chateau's holiday party and occasion wear, which represents the core of our offering, has diminished Le Chateau’s ability to pursue its activities.". That’s down from almost $50 million in the same period last year. Le Château is in the process of closing all their stores across Canada and have discounts up to 40% off starting this week. The company owns 123 stores … In the three-month period up until July 25, Le Château racked up just $14.7 million in sales across its network of stores and online. Miniso: Chineses variety retailer Miniso, which positions itself as a Japanese brand, has been closing some stores across Canada.The company entered Canada in 2017 and had plans to open about 500 stores as part of an ambitious expansion. 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After 60 years in operation, Le Chateau Inc. is seeking court protection from creditors to allow it to liquidate its assets and close its stores. Your favourite '90s clothing store is going out of business. Heartbreaking as the news may be for the nostalgic among us, Le Chateau will live on 90's-era club photos, 2000's-era prom photos, and the closets of petite office workers. Canadian Clothing Store LE CHÂTEAU Announces Closing ALL Stores October 24, 2020 admin 84 Views. Both stores were operating until recently when the Village Mall outlet closed. "Regrettably, these circumstances leave the Company with no option other than to commence the Liquidation process," reads the statement. The Montreal-based company said Friday that it has spent much of the COVID-19 pandemic trying to refinance or sell the business to a third party that would keep it in operation, but was unsuccessful. In a statement, Le Château said it was becoming clear that sales of Christmas and New Years’s outfits would be hard hit by the pandemic, leaving the company with no option other than to commence the liquidation process. Press Release. You can unsubscribe anytime or. Le Chateau says it is seeking court protection from creditors to allow it to shut down and liquidate its merchandise. Medicine Hat Mall has a Le Chateau store. The company operates one store in this province at the Avalon Mall, but has had a presence in the province since the early 1980s with its first store at The Village Mall. Join the conversation Le Chateau did permanently close 10 stores previously, but all of its current stores have reopened. Le Chateau has not announced plans to close any stores. Le Chateau intends to remain fully operational as it liquidates its 123 stores, but the eventual closures will mean the end of about 1,400 jobs - 500 at its head office and 900 at stores. The iconic Montreal-born clothing brand announced its imminent demise to investors on Friday morning, writing in a release that it had formally filed "an application pursuant to the Companies' Creditors Arrangement Act. CIEDITOR-SABRINA November 2, 2020 November 2, 2020. by CIEDITOR-SABRINA November 2, 2020 November 2, 2020 0. December 15, 2020 - Should residents of long-term care homes be allowed leave to spend time with family over Christmas. The closure is due to the company, with 123 stores across Canada filing for bankruptcy protection. By Craig Takeuchi. "Management and the Board of Directors of the Company have come to the very difficult decision that the Company can no longer continue its operations," reads a release from the once-thriving homegrown retail brand. windsoriteDOTca News Staff Friday October 23rd, 2020 Posted at 9:45am. Le Chateau says it will go out of business, closing 123 stores, cutting 1,400 employees (900 in stores, 500 at head office in Montreal) and liquidating merchandise. In 1962 the company began selling women’s clothing, and gradually moved to target a younger audience. To add to financial losses resulting from the cancellation of iconic Montreal events, a slew of iconic Montreal-based stores announced closures in 2020. Le Chateau closing. comments, Hamilton mall extends hours for shoppers coming in from York Region and Toronto, 25 stores on Queen West doing curbside pickup or delivery, York Region malls see massive lines as crowds flock there ahead of lockdown, People worried about rush of shoppers at Vaughan Mills before mall closes for lockdown, The Gap is closing its flagship store in Toronto, Hudson's Bay is going to court over Toronto lockdown measures they say are unfair, Win $1,000 to Herschel Supply for you and a friend, 10 holiday gift ideas for the fashionista in Toronto, Sign up for our free email newsletter. Keep an eye out for the LE CHÂTEAU's sale section plus weekly/monthly events that encapsulate all sale information on women, men, shoe and accessory sales Limited Time Deals, outlet and clearance sale. Hello time traveller!! Le Chateau intends to remain fully operational as it liquidates its 123 stores, but the eventual closures will mean the end of about 1,400 jobs -- 500 at its head office and 900 at stores. Le Chateau Stores Are Closing! "The retail industry faced numerous challenges due to the ongoing COVID-19 pandemic and the second wave currently hitting our communities across Canada," it continues. As Le Château Closes Its Stores, ... 2020. “Its already evident impact on consumer demand for Le Château’s holiday party and occasion wear, which represents the core of our offering, has diminished Le Château’s ability to pursue its activities,” the company said. The manager told me that she was told they won't begin liquidation until January with all stores shutting down by April. ... closing all 123 stores in Canada Back to video The information listed below is likely outdated and has been preserved for archival purposes. After 60 years in operation, Le Chateau Inc. is seeking court protection from creditors to allow it to liquidate its assets and close its stores. Le Château to close all stores in Canada. Oct 23, 2020 • • 1 minute read. Oct 23rd, 2020 @ 5:14 pm; I just got back from Le Chateau at Rideau Centre in Ottawa. Date november 2, 2020. Unsubscribe anytime or, Sign up for our free email newsletter so you’re always in the know. Le Château announces store closing sale! Bower Place Shopping Centre has a Le Chateau store. Load Stay in the sale loop by subscribing to our mailing list and by heading to our LE CHÂTEAU website daily! These retailers are closing Canadian locations in 2020. Le Chateau is closing down! The retail industry was one of the hardest hit during the pandemic, with major brands like J.Crew filing for bankruptcy and Victoria's Secret closing its stores. Aldo, Le Château, Mendocino, and Frank and Oak have all faced significant challenges. Le Chateau has 129 stores across eight Canadian provinces and says that it does not expect to fully resume normal operations until 2022. I will miss the loud dance music blaring in the store. Well known Canadian retailer Le Château is closing its 123 stores across Canada after 60 years in business, saying it cannot refinance or sell the business to a third-party during the pandemic. The retailer currently has 123 locations across Canada. 07 ... were recently retained to conduct store closing sales for Montreal-headquartered fashion company Le Château Inc. ... On 12th Dec 2020. WATCH: Clothing retailer Le Chateau, founded in Montreal in 1959, has filed for CCAA protection, and plans to close its doors. This article is 50 days old. ", In other words, Le Chateau just filed for bankruptcy — a protection that, if granted, will allow the company to "proceed with the orderly liquidation of its assets and wind down of its operations.". 0. Oct 24, 2020. Canadian fashion retailer Le Château to close stores. Le Chateau had previously attempted to refinance or sell the company to a third party that would continue operating the business, but to no avail. A Le ... Canadian fashion chain Le Chateau is going out-of-business. Right now, there has been no announcement of new store closures. Le Château to Close Stores Across Canada. She said that it'll be business as usual for the rest of the year. The Montreal-based chain is the latest Canadian retailer to fall victim to the coronavirus pandemic . Le Chateau announced Friday it is seeking to shut down all 123 locations across Canada and liquidate its assets. Headquartered in Montréal since its founding in 1959, LE CHÂTEAU has […] The Montreal-based company said Friday that it has spent much of the COVID-19 pandemic trying to refinance or sell the … Le Château To Close All Stores. The application under the Companies’ Creditors Arrangement Act for protection from creditors will be heard today by a Quebec court. It's the end of an era for Canadians who loved 90's fashion when it was still the 90's: Le Chateau is closing for good after more than six decades of service. 0. Le Chateau is officially closing all of its stores in Canada ... You can expect massive liquidation sales at all 123 remaining Le Chateau stores across the country ... ©2020 Freshdaily Inc. The application under the Companies’ Creditors Arrangement Act for protection from creditors will be heard today by a … Le Chateau is officially closing all of its stores in Canada. The pandemic has inflicted significant damage to Montreal's economy since the start of COVID-19 in March. Business. "Management and the Board of Directors would like to thank and recognize its 1,400 employees, including its 500 Head Office employees, whose dedication, talent and innovation have made Le Chateau a proudly Quebec grown fashion brand for the past 60 years.". Le Château was originally founded in 1959 as a menswear store in Montreal. Le Château Inc. is a fashion company, currently under liquidation, that was founded in 1959 in Montreal, Quebec, Canada and designed, imported and retailed a wide range of women's and men's apparel, accessories and footwear. Le Chateau announced today it is seeking to shut down all 123 locations across Canada and liquidate its assets. 0. Starting today, Le Château customers can take advantage of discounts up to 40% off the entire store: apparel, shoes, boots and accessories. Oct 25, 2020 11:32 AM (Photo courtesy Avalon Mall) A popular national clothing retailer has become the latest victim of COVID-19. The closures will affect some 1.400 employees across the nation, including 500 at the company’s head office in Montreal. Fashion Giant Knocked Down by COVID-19 THUNDER BAY – In what perhaps is just a sign of the times, Le Chateau in Intercity Shopping Centre will be closing. Shop the best selection in … In 2015, the company generated sales of about CA$237 million. SOURCE LE CHATEAU … ... October 15, 2020. Discounts of 20%–40% start today in all 121 stores and lechateau.com. LE CHATEAU INC. Nov 02, 2020, 17:35 ET. As of July, the company says it had about $118 million in assets, against $201 million worth of liabilities. Preserved for archival purposes its founding in 1959, le Château is the... 123 locations across Canada and have discounts up to 40 % off this! Liquidation until January with all stores October 24, 2020 - Should residents of long-term care be... The application under the Companies ’ creditors Arrangement Act for protection from creditors allow. 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