Canadian womenswear retailer Jacob has filed for bankruptcy and is planning to liquidate inventory in all the 92 stores across the country.
The Montreal-based purveyor, which has been operational for more than 35 years, has filed for a notice of intention under the Bankruptcy and Insolvency Act of the Canadian Government.
In the coming weeks, the retailer, which suffered losses due to the competition from new international retail entrants and dwindling economic situations, will be closing all its stores.
In 2010, the company had filed for protection under the Companies’ Creditors Arrangement Act, which allowed the firm to stay afloat during financial restructuring period. However, the company could not bounce back or overcome the financial challenges despite the court-administered procedure.
Started as a small family run business in the 1960s, Jacob currently employs more than 1,500 people across Canada.