Canadian e-commerce platform Ssense has filed for bankruptcy protection. The company is said to be submitting an application under Canada’s Companies’ Creditors Arrangement Act (CCAA), according to reports from several media outlets, including Vogue Business and The Business of Fashion (BOF) on Thursday.
The CCAA is a federal law comparable to bankruptcy protection that allows corporations to restructure their finances. It applies to insolvent corporations owing creditors more than five million US dollars and provides a legal framework to reorganize debts while continuing operations. FashionUnited has reached out to Ssense for comment.
According to a letter obtained by BOF, the company’s creditors are seeking to put Ssense up for…