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SOURCE Boutique JACOB Inc.
MONTREAL, May 6, 2014 /CNW Telbec/ - Canadian women's fashion retailer
Boutique Jacob Inc. filed yesterday a Notice of intention today to make
a proposal to its creditors under the Bankruptcy and Insolvency Act.
During the coming weeks, the company will liquidate its inventory in an
orderly fashion through its 92 JACOB, JACOB Outlet and JACOB
Liquidation stores across Canada.
In November 2010, Boutique Jacob Inc. placed itself under CCAA
protection and underwent an operational restructuring. While the
company made significant progress since then, it was unable to return
to profitability and was not able to find new sources of financing.
The difficult economic context of the past few years coupled with the
arrival of numerous international competitors who quickly stole market
share from Canadian retailers are the factors that led to the company's
"Although we did not achieve the desired result, I am proud of the
passion and dedication that the JACOB team showcased over these past
few years while trying to bring the company back to financial health. I
would like to sincerely thank each employee and business partner that
contributed to our success during these 35 wonderful years. I hope that
the remaining Canadian retailers will get through these difficult
economic times," explains Joey Basmaji, President and Founder of
Boutique Jacob Inc.