“Retail apocalypse” was the phrase coined to describe the anticipated demise of the brick-and-mortar retail store in the face of the unparalleled convenience of online shopping and.
From clothing retailers to entertainment powerhouses and iconic fashion chains, Canada lost some heavy hitters this year.
Here are some of the iconic Canuck brands that were forced to restructure, filed for bankruptcy, or sought protection from creditors in 2020.
Thanks to private investment money, some, like Mountain Equipment Co-op, will live to see another day. Others, like Papyrus, have shuttered physical locations permanently, closing a long retail chapter of storefront shopping.
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In October, Montreal-based fashion brand Le Château announced it would liquidate assets and wind down operations at all of its 123 stores. With cancelled events and celebrations this year, demand for its holiday party and occasional wear absolutely tanked, and the retailer said it had “no other option” than liquidation. Founded in 1959, the company employed 1,400 people.
Pandemic shutdowns the last straw for some Canadian retailers, push others to brink princegeorgecitizen.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from princegeorgecitizen.com Daily Mail and Mail on Sunday newspapers.