Sail Outdoors Inc. has filed for bankruptcy protection so it can restructure amid the COVID-19 pandemic.
The Laval, Que.-based retailer, which has a store in Ottawa Train Yards, says in a statement that it filed for protection under the Bankruptcy and Insolvency Act as part of a restructuring process.
CEO Norman Decarie says store closures and other consequences of the pandemic put more pressure on the company’s cash flow and financial health.
(Sponsored)
In a tough economy, investing in community is more important than ever
When finances are tight, it might seem counterintuitive to give back, but supporting our most vulnerable neighbours this holiday season can actually help businesses weather their own challenges. At United
In a tough economy, investing in community is more important than ever
When finances are tight, it might seem counterintuitive to give back, but supporting our most vulnerable neighbours this holiday season can actually help businesses weather their own challenges. At United
He says the situation forced Sail “to make major decisions to ensure the company’s sustainability.”
The company says the filing will allow it to get support while it implements a plan aimed at restoring its financial health and better responding to the retail environment.
Sail, which employs nearly 1,800 people, says its 14 Sail stores and four Sportium stores are open in accordance with provincial public health guidelines.
