Home / Knowledge / News / Apparel/Garments / Chico's FAS Canada files for bankruptcy, to close stores

Chico's FAS Canada files for bankruptcy, to close stores

04
Aug '20
Pic: Chico
Pic: Chico's FAS
Chico’s FAS Canada, a subsidiary of US women's clothing and accessories retailer Chico’s FAS, last week filed for bankruptcy in Ontario, saying it plans to permanently close all 10 of its stores in the country— four Chico’s and six White House Black Market locations, all of which have been closed since mid-March to prevent the spread of the coronavirus.

Chico’s FAS, which houses the Chico’s, White House Black Market, Soma and TellTale brands, reported a $178 million loss last quarter because of the coronavirus shutdown. The company is now also anticipating a non-material charge during fiscal 2020 because of the Canadian bankruptcy.

It will, however, continue its e-commerce platforms in Canada through chicos.com, chicosofftherack.com, whitehouseblackmarket.com and soma.com The Canadian stores will begin closing sales in early this month and will continue for about two months.

“The closure of the Canadian boutiques is part of the company’s ongoing cost-savings measures taken to mitigate the impact of the COVID-19 pandemic and address the operational and financial challenges associated with operating in Canada,” Molly Langenstein, chief executive officer and president of Chico’s FAS, said in a statement.

She added that the Canadian operations generated negative cash flow during the company’s last fiscal year, which ended on February 1, North American media outlets reported. The company reportedly had plans to close between 50 and 60 stores this year.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Sep 2020

Global economic forecast not as dark as earlier guess: IMF

Though the global economic outlook is not quite as dark as expected...

Pic: Edinburgh Woollen Mill

Fashion | On 26th Sep 2020

FRP appointed to value Peacocks, Edinburgh Woollen Mill

Edinburgh Woollen Mill Group CEO Philip Day has started the...

Pic: Shutterstock

Retail | On 26th Sep 2020

India plans retail trade policy, settling logistics policy

India plans to formulate a retail trade policy for which stakeholder...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Akash Khetan, Narayan Tex Fab

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Textile Industry, Head honchos

Textile Industry
Head honchos

African fashion has a strong identity

Iacopo Pardini,

Iacopo Pardini

Founded in 1953, Italian engineering company Arioli Spa started...

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Bora Akris,

Bora Akris

Realkom, headquartered in Istanbul, is a fully integrated textile company...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search