Kamloops stores face financial woes

The parent company of three popular clothing stores in Aberdeen Mall has filed for bankruptcy protection in Ontario

Kamloops This Week

The parent company of three popular clothing stores in Aberdeen Mall has filed for bankruptcy protection in Ontario — but it remains to be seen if the financial difficulties will affect the trio of Kamloops locations.

Comark Inc. owns the Bootlegger, Ricki’s and Cleo chains.

On Thursday, March 26, an Ontario court granted the Mississaugua-based company creditor protection as it attempts to restructure.

Comark owns 153 Ricki’s stores, 101 Bootlegger outlets and 87 Cleo’s shops across Canada.

In a news release, Comark president and CEO Gerry Backynksi said most of the three chains will remain open during the restructuring process.

The first step in restructuring will be the closure of some under-performing stores — perhaps about 50 — across the three chains in the next 30 days

Where those closures will happen has not been revealed, but it is believed the three stores in Aberdeen Mall are among the stronger in the chains.

Comark was granted protection by Ontario Superior Court under the Companies’ Creditors Arrangement Act. Alvarez & Marsal Canada Inc. has been appointed  monitor. The same company is monitor in the Target Canada insolvency proceedings.