Latest news with #FrankandOak
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.
Daily Mail
25-04-2025
- Business
- Daily Mail
Canadian retailer to close all remaining stores
Published: | Updated: 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.
Fashion Network
24-04-2025
- Business
- Fashion Network
Canada's Frank and Oak stores to shutter nationwide on IP sale
Montreal-based UCG Canada Holdings Inc., which operates as clothing brand Frank and Oak, is set to shutter all 14 of its retail locations in the coming weeks and will sell off its intellectual property as part of a broader wind-down. The company is being sold to Quebec-based manufacturer Lamour Group, as well as Quebec company Thread Collective, whose brand portfolio includes Bebe, Psycho Bunny, Hurley, and Pajar, among others. While the brand itself will continue to operate, UCG Canada Holdings Inc. is expected to file for bankruptcy and cease all operations. All 14 Frank and Oak stores, located across Quebec, Ontario, and British Columbia, are scheduled to close by May 18. The brand's website will remain operational throughout the liquidation process. Founded in 2012 by longtime friends Hicham Ratnani and Ethan Song, Frank and Oak began as a menswear e-commerce brand before expanding into brick-and-mortar retail and launching its first women's collection in 2016. The company is among several Canadian retailers that struggled to recover from the economic impact of the Covid-19 pandemic. Frank and Oak initially sought creditor protection in 2020, leading to the sale of UCG Canada Holdings later that year. In a second blow, UCG filed again for creditor protection in January 2025. According to court filings, the retailer currently owes approximately $71 million to its creditors.
Fashion Network
24-04-2025
- Business
- Fashion Network
Canada's Frank and Oak stores to shutter nationwide on IP sale
Montreal-based UCG Canada Holdings Inc., which operates as clothing brand Frank and Oak, is set to shutter all 14 of its retail locations in the coming weeks and will sell off its intellectual property as part of a broader wind-down. The company is being sold to Quebec-based manufacturer Lamour Group, as well as Quebec company Thread Collective, whose brand portfolio includes Bebe, Psycho Bunny, Hurley, and Pajar, among others. While the brand itself will continue to operate, UCG Canada Holdings Inc. is expected to file for bankruptcy and cease all operations. All 14 Frank and Oak stores, located across Quebec, Ontario, and British Columbia, are scheduled to close by May 18. The brand's website will remain operational throughout the liquidation process. Founded in 2012 by longtime friends Hicham Ratnani and Ethan Song, Frank and Oak began as a menswear e-commerce brand before expanding into brick-and-mortar retail and launching its first women's collection in 2016. The company is among several Canadian retailers that struggled to recover from the economic impact of the Covid-19 pandemic. Frank and Oak initially sought creditor protection in 2020, leading to the sale of UCG Canada Holdings later that year. In a second blow, UCG filed again for creditor protection in January 2025. According to court filings, the retailer currently owes approximately $71 million to its creditors.
Fashion Network
24-04-2025
- Business
- Fashion Network
Canada's Frank and Oak stores to shutter nationwide on IP sale
Montreal-based UCG Canada Holdings Inc., which operates as clothing brand Frank and Oak, is set to shutter all 14 of its retail locations in the coming weeks and will sell off its intellectual property as part of a broader wind-down. The company is being sold to Quebec-based manufacturer Lamour Group, as well as Quebec company Thread Collective, whose brand portfolio includes Bebe, Psycho Bunny, Hurley, and Pajar, among others. While the brand itself will continue to operate, UCG Canada Holdings Inc. is expected to file for bankruptcy and cease all operations. All 14 Frank and Oak stores, located across Quebec, Ontario, and British Columbia, are scheduled to close by May 18. The brand's website will remain operational throughout the liquidation process. Founded in 2012 by longtime friends Hicham Ratnani and Ethan Song, Frank and Oak began as a menswear e-commerce brand before expanding into brick-and-mortar retail and launching its first women's collection in 2016. The company is among several Canadian retailers that struggled to recover from the economic impact of the Covid-19 pandemic. Frank and Oak initially sought creditor protection in 2020, leading to the sale of UCG Canada Holdings later that year. In a second blow, UCG filed again for creditor protection in January 2025. According to court filings, the retailer currently owes approximately $71 million to its creditors.
