Montreal based clothing company Le Chateau is obtaining court protection from creditors, as it plans to cease operations and liquidate its assets.
A Quebec court will hear Le Chateau’s application under the Companies' Creditors Arrangement Act later today.
The retailer has said that it is no longer capable of continuing its operation, and that circumstances have left the company with no other option than to start the process of liquidating.
Le Chateau currently has 123 stores across the country, as well as an online store which is available to both Canadians and Americans. It currently employs 500 employees at its head office and 900 employees through its retail stores.
Le Chateau follows other clothing retailers which have shuttered their stores in Canada. Others include Mexx, Raitmans, and Jacob.
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