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Apparel retailer Cotton Ginny goes bust, again!
19
Nov '09
Troubled Canadian retailer Cotton Ginny Inc, with over 120 stores, has filed for bankruptcy, less than one year after it emerged from creditor protection.

The latest bankruptcy filing, dated Nov. 2, lists the company's total liabilities at $22.5 million. No assets are listed.

Cotton Ginny is run by Tony Chahine, who also goes by the name Antoine Chahine Badr. The clothing firm again filed under the Companies' Creditors Arrangement Act, known as CCAA, in February 2008. Through the restructuring, which resulted in store closures and job cuts, the clothing maker began to focus on environmentally friendly clothing and plus sizes in a bid to turn its business around.A report by court-appointed monitor Mintz & Partners, dated Jan. 20, 2009, noted that "the company has not complied with all of its obligations set out" in amendments to the restructuring plan.

Cotton Ginny closed a handful of stores in February 2009, including its flagship store at the Yorkdale Shopping Centre after a difficult Christmas season.

The most recent bankruptcy filing was made in Mississauga, where it is headquartered.

Antoine Chahine Badr is listed as the administrator for one of the numbered companies.

Cotton Ginny also owes more than $1 million each to the Canada Revenue Agency and the Ministry of Revenue, according to the court filing.

Cotton Ginny founded in 1979, is retailer of casual, comfortable clothing and related lifestyle products that are affordable and stylish for women of all sizes.

Cotton Ginny Inc


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