It is announced that the Montreal-based retailer, Aldo Group Inc. has voluntarily filed for bankruptcy protection in the United States, following their initial order pursuant to the Companies' Creditors Arrangement Act from the Superior Court of Québec.
The retail industry at large has experienced significant impacts over the years, and now more than ever facing the heaviest impact from COVID-19.
"The impact of the COVID-19 pandemic has put too much pressure on our business and our cash flows," said David Bensadoun, CEO of Aldo Group Inc.
Bensadoun, however, is hopeful that Aldo will come out of this pandemic stronger than ever due to their long-standing reputation as leaders of the footwear and accessories, along with an experienced leadership team.
