Montreal-based women’s fashion retailer Boutique Jacob Inc. has filed for bankruptcy and will be liquidating its inventory through its 92 stores across Canada.
In November 2010, the company placed itself under CCAA protection and underwent an operational restructuring, but it was unable to return to profitability. Without new sources of financing, the company has been forced to declare bankruptcy and close its stores.
In addition to its own operating difficulties and the affects of the recent recession, numerous international retailers have entered the Canadian market and taken market share from domestic retailers.
“Although we did not achieve the desired result, I am proud of the passion and dedication that the JACOB team showcased over these past few years while trying to bring the company back to financial health,” said Joey Basmaji, President and Founder of Boutique Jacob Inc. “I would like to sincerely thank each employee and business partner that contributed to our success during these 35 wonderful years. I hope that the remaining Canadian retailers will get through these difficult economic times.”
Jacob Inc. has 8 locations in Metro Vancouver: Metropolis at Metrotown, Morgan Crossing, Langley Power Centre, Lougheed Town Centre, Oakridge Centre, Park Royal Shopping Centre, Richmond Centre, and Coquitlam Centre. The merchandise at these stores will be liquidated over the coming weeks.
Featured Image: Boutique Jacob Inc.