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Mexx To Liquidate Vancouver Stores By The End of February

Mexx To Liquidate Vancouver Stores By The End of February

Mexx Canada, which filed for bankruptcy last month, will be liquidating all of its 95 Canadian stores by the end of February, 2015.

The European retailer based out of Montreal currently operates in eight provinces – with four locations across metro Vancouver. Filing for bankruptcy in December was used as a protection tactic for the $113.4 million it owes creditors.

The company has tried to downsize and restructure in efforts of finding a new buyer to stay open for business but has been unsuccessful.

By the end of this week, approximately 25 locations across Canada will close resulting in a loss of 250 jobs. By the end of February, a total of 1,700 retail jobs will be lost. The company’s head office and distribution centre will also close in March reports the Globe and Mail.

A large factor of Mexx’s poor sales has been failing to compete with new U.S. brands entering the Canadian retail market.

Mexx currently operates stores in Guilford Town Centre, Richmond Centre, Metropolis at Metrotown, and Pacific Centre.

 

Image via bargainmoose

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