Clothing retailers Ted Baker, Brooks Brothers, and Lucky Brand are holding store-closing sales in Canada after insolvency hearings, affecting a total of 25 stores.
Ted Baker Canada is closing all its Canadian and U.S. stores, while only Canadian locations of Brooks Brothers and Lucky Brand are included in the store-closing sales.
The decision to close stores and hold sales was due to significant liquidity challenges faced by Ted Baker, leading to unsuccessful cost reduction and poor sales performance.
The Ted Baker Canada owners are considering liquidation or alternative options after facing financial difficulties, including missed payments and disruptions.
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