Designer fashion retailer Ssense faces a liquidity crisis and plans to imminently file an application in bankruptcy court to protect its assets from indebted lenders, The Logic has learned.
In an email sent to all staff this morning, the Montreal-based firm said its hand was forced by its main creditor, which it says filed its own application to sell the company, without Ssense’s consent, under the Companies’ Creditors Arrangement Act (CCAA).
“We do not believe this is the right path for Ssense,” reads the email viewed by The Logic. Ssense didn’t immediately respond to a request for comment.