Frank And Oak, a Montreal-based apparel retailer, announced the closure of nine stores across Quebec, Ontario, and British Columbia as it continues to face severe financial difficulties, including a debt of $70 million. The company filed for creditor protection in December 2022, attributing its issues to the pandemic's impact, rising fast fashion trends, and supply chain disruptions. While 150 employees are part of the operation, details on job losses from the closures remain unclear. Despite the closing stores, the retailer's e-commerce business will remain operational as it seeks potential investors or buyers after generating interest.
Apparel retailer Frank And Oak is closing nine stores across Canada after filing for creditor protection in December, facing ongoing financial difficulties.
Elisabeth de Gramont indicated that while liquidation sales will commence, the e-commerce side of the business will continue to operate despite the closures.
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