Latest news with #HichamRatnani
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.
