Le Chateau is officially closing all of its stores in Canada
It's the end of an era for Canadians who loved 90's fashion when it was still the 90's: Le Chateau is closing for good after more than six decades of service.
The iconic Montreal-born clothing brand announced its imminent demise to investors on Friday morning, writing in a release that it had formally filed "an application pursuant to the Companies' Creditors Arrangement Act."
In other words, Le Chateau just filed for bankruptcy — a protection that, if granted, will allow the company to "proceed with the orderly liquidation of its assets and wind down of its operations."
That's right: You can expect massive liquidation sales at all 123 remaining Le Chateau stores across the country... though it stands to reason that few of us have much need for sparkly holiday frocks and chic office wear amid the pandemic.
"Management and the Board of Directors of the Company have come to the very difficult decision that the Company can no longer continue its operations," reads a release from the once-thriving homegrown retail brand.
"The retail industry faced numerous challenges due to the ongoing COVID-19 pandemic and the second wave currently hitting our communities across Canada," it continues.
"Its already evident impact on consumer demand for Le Chateau's holiday party and occasion wear, which represents the core of our offering, has diminished Le Chateau’s ability to pursue its activities."
Le Chateau had previously attempted to refinance or sell the company to a third party that would continue operating the business, but to no avail.
"Regrettably, these circumstances leave the Company with no option other than to commence the Liquidation process," reads the statement.
"Management and the Board of Directors would like to thank and recognize its 1,400 employees, including its 500 Head Office employees, whose dedication, talent and innovation have made Le Chateau a proudly Quebec grown fashion brand for the past 60 years."
Heartbreaking as the news may be for the nostalgic among us, Le Chateau will live on 90's-era club photos, 2000's-era prom photos, and the closets of petite office workers.
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