Ssense is filing for bankruptcy protection after what it described as an attempt by lenders to force a sale of the company, the Montreal-based e-tailer told employees in a letter reviewed by The Business of Fashion.
Chief executive Rami Atallah on Thursday said Ssense’s creditors want to put it up for sale under the Companies’ Creditors Arrangement Act, a process similar to bankruptcy protection that allows corporations to restructure their finances.
Atallah went on to say that Ssense will fight a sale by filing its own CCAA application within 24 hours “to protect the company, keep control of our assets and operations, and fight for the future of the company,” according to the memo.
“Recently, we have worked closely with…