After more than a century in business, Vancouver-based shoe retailer Ingledew’s has declared bankruptcy.
In statement on the company’s website, Ingledew’s CEO Bill Ingledew delivers the message with “profound regret.”
Citing a rise in online shopping, Ingledew adds that the retail world has undergone “epic change as innovation in information technology has opened the door for consumers to dramatically increase the scope of their pre-purchase research without ever setting foot into a conventional retail store.”
Ingledew said it’s these changes – combined with the costs associated of maintaining a physical retail presence that – “have presented unprecedented challenges to everyone with a legitimate retail business.”
Even the company’s foray into the online sales world wasn’t enough to stem the tide of “slowly eroding revenues,”, he adds. The company now plans to liquidate all of its inventory over the next few months.
The CEO notes that during his almost 50-year involvement with the company, his life has been “enriched” by those he has come into contact with during the company’s operation.
“To those of you who have favoured us with your patronage over the years, I am extremely grateful as you have enabled our family to provide meaningful employment to hundreds of outstanding individuals over our 102 years,” he concludes. “I thank you for your support and for the memories which will last a lifetime.”