Le Journal de Québec is reporting that Montreal’s Frank & Oak, a long celebrated clothing e-retailer, has filed for bankruptcy protection as it attempts to restructure under a massive $19 million in debt. The company, which now numbers over 200 employees according to Linked In, intends to restructure its activities and focus its efforts on strengthening its e-commerce operations, which was its core business from the start. Covid-19 has had a devastating effect on retailers in many parts of the world including across Canada. The company had as many as 20 stores across the country, but it is unclear at this point how many will remain open during and following the restructuring process.
CDPQ and Investissement Québec are among the investors that helped Frank And Oak raise nearly 40 million USD. Since the company was founded in 2012, it has had sales in more than 40 countries around the world.