Latest news with #ReflectAdvisorsLLC
Hamilton Spectator
9 hours ago
- Business
- Hamilton Spectator
Apparel brand Oak + Fort to restructure amid tariff woes
VANCOUVER - Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025.
Winnipeg Free Press
9 hours ago
- Business
- Winnipeg Free Press
Apparel brand Oak + Fort to restructure amid tariff woes
VANCOUVER – Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Monday Mornings The latest local business news and a lookahead to the coming week. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025.
Calgary Herald
24-04-2025
- Business
- Calgary Herald
Hudson's Bay to start liquidating last six stores, signalling end of historic retailer
Article content Hudson's Bay Co. is planning to begin liquidating six of its stores that it had previously hoped to keep open, signalling the potential end of Canada's oldest department store. Article content HBC started liquidating 90 of its 96 stores last month, but it hoped to attract bids to keep its footprint alive through a 'six-store model.' But the move seems to be negatively impacting the company's ongoing efforts to raise roughly $1 billion it needs to pay back creditors, according to court documents. Article content Article content 'It is unlikely to receive a viable going concern bid based on the proposed Six Store Model,' Adam Zalev, cofounder of Reflect Advisors LLC, HBC's financial adviser, said in the document. 'The exclusion of the six stores from the liquidation sale is negatively impacting (HBC's) realization efforts.' Article content Article content Given the 'low probability of receiving a viable bid,' the company said it wants to start liquidating the remaining stores, which includes its flagship store in downtown Toronto, as well as two others in the Greater Toronto Area and three in the Greater Montreal Area. Article content HBC will still have the ability to stop liquidating these stores or any of its other stores if it receives a viable bid, Zalev said. However, any bid needs to be received by April 30, according to a court order. Article content HBC's latest proposal comes almost a month and a half after it decided to seek protection from its creditors through the Companies' Creditors Arrangement Act (CCAA). The company on March 14 said it would have to liquidate all 96 of its stores unless 'an alternative solution' emerged. Article content Article content After a series of negotiations between its lenders and landlords, HBC received a court order on March 21 that directed it to liquidate all but six of its stores. But HBC's lawyer told the Ontario court on the same day that he wanted 'to be crystal clear' that HBC did not have an agreement on which it could base a restructuring plan. Article content Article content Judge Peter Osborne, who has been hearing the motions at the Ontario Superior Court of Justice in Toronto since March 7, said the more stores 'carved out' from liquidation, the better. Article content It wants to host a separate auction to sell more than 1,700 pieces of art and more than 2,700 artifacts that 'reflect the rich heritage and cultural legacy of the company.' Among them is the Royal Charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670.
