Clothing retailer Frank and Oak is closing all 14 of its stores, including its Ottawa location in the Rideau Centre, in the coming weeks and selling its intellectual property to a Montreal-based company as part of ongoing restructuring efforts.
In a press release, the company says the Superior Court of Quebec approved the sale of the brand to Lamour Group and Thread Collective Inc.
It says the Frank and Oak brand will continue on, but the original corporate entity UGC Canada Holdings Inc. is expected to file for bankruptcy and wind down its operations.
(Sponsored)
Ottawa businesses critically important to ending youth homelessness across the city
Local businesses joining United Way East Ontario’s effort to prevent and end youth homelessness not only helps build a stronger, safer, and healthier community, but gives a boost to Ottawa’s
Local businesses face hiring obstacles due to immigration pullback, flawed screening
In his 39 years of practicing immigration law, Warren Creates (a rare Law Society Certified Specialist) has never seen an environment so challenging for employers looking to hire workers from
Existing inventory will be liquidated, while e-commerce sales will continue for Canadian customers.
The new operating company will look at options for the future of the Frank and Oak brand, which could include opportunities to relaunch in select markets or channels.
Frank and Oak filed a notice of intention in December, saying it faced financial difficulties due to COVID-19 and supply chain problems.
