Toronto-based specialty fashion retailer Comark Holdings has closed a sales transaction and emerged from creditor protection under the Companies’ Creditors Arrangement Act. No financial terms were disclosed. The company, which operates under its Ricki’s, Bootlegger and Cleo banners, entered into a CCAA restructuring in June. Comark was acquired in 2015 by Canadian private equity firm Stern Partners.
Comark Announces Completion of Sale Transaction and Emergence From CCAA Protection
Majority of Ricki’s, cleo and Bootlegger stores to remain open
MISSISSAUGA, Ontario, Aug. 07, 2020 (GLOBE NEWSWIRE) — Comark Holdings Inc. and its subsidiaries (“Comark”), a leading specialty fashion retailer serving customers across Canada through its Ricki’s, cleo and Bootlegger banners, announced today the successful closing of a sale transaction for its business that will best position the company for success in a challenging retail environment and its emergence from creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”).
“We are very pleased with the outcome of the CCAA and that we will be moving forward with each of our banners and 280 of our stores across Canada” said Gerry Bachynski, President of Comark. “We are grateful for the ongoing support of our 2,500 employees, vendors, landlords and shareholders, and we are excited to enter the next chapter in Comark’s history, repositioned with a more efficient business, better able to serve our loyal customers in today’s retail environment.”
Osler, Hoskin & Harcourt LLP acts as legal advisor to Comark in connection with the CCAA proceedings. The Court-appointed Monitor in the CCAA proceedings is Alvarez & Marsal Canada Inc. Court filings as well as other information related to Comark’s CCAA proceedings are available on the Monitor’s website at www.alvarezandmarsal.com/comarkholdings.
About Comark Holdings Inc.
Comark is one of Canada’s leading specialty apparel retailers. Established in 1976, Comark operates over 280 stores under three banners: Ricki’s, cleo and Bootlegger. Comark stores are located in shopping malls, big box power centres and strategic suburban plazas across Canada. Comark’s long history throughout the country has fostered tremendous customer loyalty within each division’s target market.
Requests for further information and enquiries may be directed to: Gerry Bachynski, (905) 567-7375 Ext. 2110, GBachynski@comark.ca