Two major Canadian clothing retailers have declared bankruptcy: Frank And Oak and Comark Holdings Inc. (which owns Ricki's and Cleo).Frank And Oak
- Filed for bankruptcy protection with over $70 million in debt
- Creditors include Desjardins, Revenu Quebec, and Shopify
- Owes $1.7 million to Canada Revenue Agency
- Second bankruptcy filing since 2020
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- Closing all 75 Ricki's and 54 Cleo stores
- Filed for creditor protection under Companies' Creditors Arrangement Act
- Operates 221 stores across eight Canadian provinces
- Employs over 2,000 people
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- COVID-19 pandemic impact
- Intense retail competition
- Supply chain disruptions
- Shifting consumer behaviors