Retail

How $71 Million Debt Led Frank And Oak to Close Stores

Montreal-based apparel retailer Frank and Oak announced it will shutter nine stores across Quebec, Ontario, and British Columbia by May 7, 2025, as part of a court-supervised restructuring process to address $71 million in debt.

Published: May 4, 2025 2:13 PM

By Jeanel Alvarado

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How $71 Million Debt Led Frank And Oak to Close Stores

Credit: Frank & Oak

Montreal-based apparel retailer Frank and Oak announced it will shutter nine stores across Quebec, Ontario, and British Columbia by May 7, 2025, as part of a court-supervised restructuring process to address $71 million in debt. The move shows mounting challenges in Canada’s retail sector, exacerbated by pandemic fallout, supply chain disruptions, and fierce competition from fast-fashion giants like Shein and Temu.

Store Closures and Liquidation The affected locations include: Quebec: Place Ste-Foy (Quebec City), Carrefour Laval (Laval), Dix30 (Brossard), Stanley St. and St-Viateur (Montreal) Ontario: CF Rideau Centre (Ottawa) British Columbia: Cordova St. and West 4th St.

(Vancouver) Once liquidation sales begin, all transactions will be final. The company’s e-commerce platform will continue operating, and stores in the Greater Toronto Area (GTA) remain open for now.

Financial Struggles and Creditor Protection Frank and Oak filed for creditor protection under Canada’s Bankruptcy and Insolvency Act in December 2024, citing debts of $55.5 million to secured creditors (including parent company Unified Commerce Group and Desjardins) and $14.6 million to unsecured creditors, such as the Canada Border Services Agency and Shopify.

This marks the brand’s second restructuring since 2020, when it was acquired by New York-based Unified Commerce Group after its first insolvency filing…

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How $71 Million Debt Led Frank And Oak to Close Stores

Montreal-based apparel retailer Frank and Oak announced it will shutter nine stores across Quebec, Ontario, and British Columbia by May 7, 2025, as part of a court-supervised restructuring process to address $71 million in debt.

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