Leading speciality fashion retailer Comark has announced the completion of sale transaction of its business.
It also revealed its emergence from the Companies’ Creditors Arrangement Act (CCAA) protection.
The Canadian retailer serves customers through its Ricki’s, cleo and Bootlegger banners.
Financial details of the transaction were not disclosed.
Comark president Gerry Bachynski said: “We are very pleased with the outcome of the CCAA and that we will be moving forward with each of our banners and 280 of our stores across Canada.
“We are grateful for the ongoing support of our 2,500 employees, vendors, landlords and shareholders, and we are excited to enter the next chapter in Comark’s history, repositioned with a more efficient business, better able to serve our loyal customers in today’s retail environment.”
Comark Holdings entered into restructuring under the CCAA in June. Several Canadian apparel retailers have been impacted due to the Covid-19 pandemic.
The company said that it will keep most of its Ricki’s, Cleo and Bootlegger stores and websites operational.
During the proceedings, Osler, Hoskin & Harcourt served as legal advisor to Comark, while Alvarez & Marsal Canada was appointed by the court to monitor.
In 2015, investment firm Stern Partners acquired Comark’s retail business and assets.
Last month, Canadian camera store chain Henry’s completed the implementation of a strategic restructuring.