Miniso Canada comments on bankruptcy concerns

Concerns about an impending bankruptcy filing for Miniso Canada have been circulating Canadian media.

The self-described "Japanese lifestyle brand," which is headquartered in Hong Kong, opened its first Toronto retail store in October of 2017.

It has since been expanding at a clip with at least 13 stores now in the GTA and dozens more across the country, all part of an estimated 500 stores the company said it had plans for in Canada last May.

Now, Retail Insider reports that Miniso International Hong Kong Ltd. and Miniso International (Guangzhou) Co. Ltd. filed an Application for Bankruptcy Order in B.C. last week on the grounds that its Canadian division has "been fraudulent in its business dealings by transferring and hiding assets."

According to Retail Insider, Miniso in China is seeking more than $20 million from Miniso Canada, and has reportedly claimed that its Canadian arm has exhibited "a pattern of unethical behaviour."

Miniso Canada, however, issued a statement on Monday night denying that it was in jeopardy.

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Miniso Canada ANNOUNCEMENT: These news reports contain information that is either inaccurate or not true .we will continue to provide quality products and services to our customers! Thanks for your support and love! #minisocanada

A post shared by MINISO Canada (@miniso.canada) on Dec 17, 2018 at 7:12pm PST

According to an Instagram post, Miniso Canada and Miniso China "reached a preliminary agreement on December 13, 2018 to settle their business issues and are currently in the process of finalizing the details."