Canadian multi-brand retailer and indie style staple Ssense has filed for bankruptcy protection with Canada‘s Companies’ Creditors Arrangement Act, which is similar to Chapter 11 bankruptcy in the U.S.
Ssense was founded in 2003 by CEO Rami Atallah and his brothers, Bassel and Firas. The CCAA allows financially troubled corporations owing creditors over $5 million to reorganize their debts while continuing business operations.
This development occurs amid challenging times for the retail sector, as accessories giant Claire’s filed for bankruptcy and JCPenney locations were also marked for shutdowns.
According to Vogue Business, Ssense’s filing follows after the company’s main lender forced the business into CCAA protection, triggering a…