Latest news with #CanadianBankruptcyandInsolvencyAct
Yahoo
4 days ago
- Business
- Yahoo
4Front Initiates Bankruptcy and Insolvency Act Proceedings in Canada
PHOENIX, June 10, 2025 /CNW/ - 4Front Ventures Corp. ("4Front" or the "Company") (CSE: FFNT) (OTC: FFNTF), a vertically integrated cannabis operator, announces that, following its previously announced U.S. receivership petition, it has made an assignment into bankruptcy pursuant to the Canadian Bankruptcy and Insolvency Act (the "Canadian Bankruptcy Proceedings"). B. Riley Farber has been appointed as the trustee in the Canadian Bankruptcy Proceedings. Further information may be obtained from the trustee at 4frontventures@ or on the case webpage About 4Front Ventures Corp. 4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release. View original content to download multimedia: SOURCE 4Front Ventures Corp. View original content to download multimedia: Sign in to access your portfolio
Cision Canada
4 days ago
- Business
- Cision Canada
4Front Initiates Bankruptcy and Insolvency Act Proceedings in Canada
PHOENIX, June 10, 2025 /CNW/ - 4Front Ventures Corp. (" 4Front" or the " Company") (CSE: FFNT) (OTC: FFNTF), a vertically integrated cannabis operator, announces that, following its previously announced U.S. receivership petition, it has made an assignment into bankruptcy pursuant to the Canadian Bankruptcy and Insolvency Act (the "Canadian Bankruptcy Proceedings"). B. Riley Farber has been appointed as the trustee in the Canadian Bankruptcy Proceedings. Further information may be obtained from the trustee at [email protected] or on the case webpage About 4Front Ventures Corp. 4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit
Fashion United
25-04-2025
- Business
- Fashion United
Frank and Oak IP to be sold to Lamour Group and Thread Collective
Following the announcement of widespread store closures, it appears Frank and Oak may have stumbled upon a light at the end of the tunnel. The Canadian lifestyle brand is believed to have found a buyer for its intellectual property. According to a press release seen by CBC, the company says the Superior Court of Quebec has approved the sale of the brand to Lamour Group and Thread Collective Inc. While the deal will allow Frank and Oak to remain in operation, its former owner, UGC Canada Holdings Inc., is now anticipated to file for bankruptcy and wind down its business, the media outlet reported. The brand's Canadian e-commerce site will continue to move forward and liquidation sales on its US platform are to remain in place until stock has been depleted. Frank and Oak had already long been tackling a turbulent financial situation over the past five years, and ultimately filed for creditor protection in December 2024, at which time UCG had been seeking a buyer for the brand. At the time, UCG CEO, Dustin Jones, stated: 'Despite significant growth over the past few years, the company has struggled to recover from losses incurred as a result of the Covid-19 pandemic.' By April, the brand confirmed its intention to close all of its stores in the US and Canada by the end of May, aligning with terms under the Canadian Bankruptcy and Insolvency Act. FashionUnited has contacted UCG, Frank and Oak and the company's legal representative PwC with request to comment.
Miami Herald
16-04-2025
- Business
- Miami Herald
Another fashion retail chain suddenly closing stores, liquidating
It would be nearly impossible to find a retailer that got through the past several years unscathed. It's hard to believe, but it's already been five years since the onset of the Covid pandemic, which sent many businesses into something of a free fall - at least temporarily. Related: Huge furniture company closing forever, laying off staff When entire cities across the U.S. more or less shut down, visits to restaurants, shops, salons, gyms, and even the supermarket went to about zero. At least for some period of time, most every operation that relied on in-person business was closed up. And even when things began to reopen, customers remained fearful. It was hard to convince people to come back in-person to shop around and mingle. The pandemic had such an outsized effect on the average consumer's psychology that many retailers ultimately went under. And some that didn't fold are still grappling with a new world. Relying on foot traffic for a majority of your business just doesn't cut it anymore. Most self-respecting operations need to have at least some kind of online presence - or risk another unprecedented event sweeping them away with the chaos. For retailers that did manage to keep their heads above water, many wouldn't necessarily tell you that business is booming. It's true that some have indeed recovered from the aftermath of Covid. In some cases, foot traffic has returned to pre-pandemic levels - particularly in high-interest urban areas. More closings: Iconic retail chain closing nearly 500 storesAnother discount retailer closing over 1,000 storesAnother struggling mall retail chain closing more stores But there's always a new challenge coming. And in the most recent case, that's President Donald Trump's new tariffs. Tariffs, or the duties companies pay to import non-domestic goods, are set to make many of the goods we consume more expensive. And some of the proposed tariffs stand to hit America's largest trading partners. These are: China: 145%European Union: 10%Japan: 10%South Korea: 10%Vietnam: 10%Taiwan: 10%India: 10%U.K.: 10% And now, the popular Canadian retailer Frank and Oak is closing up stores amid the tariff chaos. Frank and Oak announced it will shut down its U.S.-based stores by the end of April 2025. The retailer is currently liquidating many of its stores across the U.S. and Canada, but it added that pressure from tariffs is accelerating the move. Related: Another national furniture company warns of bankruptcy "The closure was moved up due to growing uncertainty around tariffs and customs, which made it challenging to continue cross-border operations," Frank and Oak wrote on its website. It also plans to close around 10 stores in Canada by the end of May 2025 as a part of the Canadian Bankruptcy and Insolvency Act (BIA). Frank and Oak added that its website will continue to operate during the liquidation. It's currently holding a liquidation sale, which will see these transactions as final sales. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
