The pandemic continues to claim victims in retail. On Tuesday, the chains SAIL and Sportium announced Tuesday plans to file Bankruptcy and Insolvency protection to restore its finances.
“This strategic decision is the best avenue to refocus and continue our activities on a more solid foundation,” said Norman Décarie, president and chief executive officer of SAIL Plein Air, in a press release.
COVID-19 gave the coup de grace to this company which employs nearly 1,800 people at its head office in Laval and in its stores in Quebec and Ontario.
“The retail trade has been experiencing major upheavals for several years, characterized by, among other things, an increase in online sales and increased competition. Unfortunately, the aftermath of the pandemic, like closing stores for two months, has added additional pressure to our cash flow and our financial health, ”he added.
During its restructuring, the company will continue its activities normally. Its SAIL and Sportium stores will remain open, as will its websites.
The company specializing in the sale of sports and outdoor equipment wants to continue to turn to the internet to serve its customers, since it inaugurated a distribution center dedicated solely to online commerce last November.