Ricki's and Cleo to close stores while Frank and Oak seeks creditor protection
- Comark Holdings has filed for creditor protection under the Companies' Creditors Arrangement Act, intending to wind down its Cleo and Ricki's brands and close all stores in both chains.
- The company operates 221 retail outlets across eight Canadian provinces and plans to downsize Bootlegger while seeking a buyer for the remaining business.
- Comark reported a 19 percent drop in sales and a loss of $21 million on operations for the first nine months of 2024, citing challenges like a ransomware attack and increased competition.
- Court documents reveal that Comark operates 75 Ricki's stores and 54 Cleo stores, with plans to seek court approval for the full liquidation of these brands.
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Coverage Details
Total News Sources0
Leaning Left6Leaning Right4Center4Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 28%
R 29%
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