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.
OBJ360 (Sponsored)
Public-private collaboration is Canada’s innovation engine — but it needs fuel
Fidus Systems Inc.’s selection last year as AMD Adaptive Compute Partner of the Year is a reflection of the world-class talent the company has assembled in Ottawa. As the first
2nd Annual Ottawa Tech Opening Teeing Off for JA
The Ottawa Tech Open is teeing off once again this summer, bringing together startup founders, entrepreneurs, investors and those immersed in the city’s tech community, all for a good cause.
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.
