Miniso Canada Bankruptcy

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.

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."

Lead photo by

Hector Vasquez


Join the conversation Load comments

Latest in Fashion & Style

Simu Liu tells protesters at Toronto event he's anti-fur like they are

Popular indie clothing store opening second Toronto location

Small family business that lost storefront to lockdowns launches at major Toronto mall

The top 10 stores to buy a sofa in Toronto

There's a huge Reebok warehouse sale in Toronto next week with nothing over $40

Popular clothing brand is opening its first Toronto store and cafe

Toronto woman who lost her job starts up her own business that keeps selling out

Someone in Toronto is making useful objects out of old plastic bags