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.
OBJ360 (Sponsored)
Travel smart: Four ways FlightHub offers budget-friendly business travel solutions
Canadians know that flying domestically is a challenge due to our small population, spread out across a vast space — and that it can make business travel an even bigger
Ottawa’s growth is at an inflection point
One thing the Welch LLP Business Growth Survey taught us this year is most of the business community thinks we’re on track, but have a ways to go.
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.