Canadian retailer to close all remaining stores
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Canadian clothing retailer Frank and Oak is set to close all 14 of its remaining stores over the upcoming weeks and sell its intellectual property. The company took to social media to address the closures, stating 'It's with heavy hearts that we're announcing the closure of all of our stores by May 18, 2025.' It cited the restructuring of its business as the reason for the closures.
Established in 2012, the retailer has 150 employees and a clear mission, which revolves around connecting with a new generation of creatives and entrepreneurs. Responsible fashion is at the core of the brand, as Frank and Oak is committed to eco-friendly practices.
Parent company UGC Canada Holdings Inc. is expected to file for bankruptcy. The company is conducting liquidation sales of inventory and furniture. Frank and Oak stated the sales will be held in stores and on it's website and it will feature 'deep discounts.'
Frank and Oak filed for creditor protection in December, pointing to financial challenges due to the Covid pandemic as well as supply chain issues. The new operating company will evaluate options for what lies ahead for the brand.
Frank and Oak insists it is 'hard at work with new partners to determine a better future for the brand, according to the company's social media statement.
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