August 04, 2015 - 3:17 PM
MONTREAL - Canadian retailer Laura's Shoppe Inc. has filed for creditor protection as part of an effort to ensure its survival.
The owner of 150 women's clothing stores, under various Laura banners and Melanie Lyne, says it faced large losses in both 2012 and 2013 as it made changes to its merchandise lines that didn't resonate with its customers.
"Sales have since rebounded, but additional initiatives need to be put into place to complete the restructuring of the retailer's operations," the company said Tuesday in a statement.
"Filing is one of the steps that has been taken to achieve this objective."
Laura is considering the steps of its restructuring process, which will include closing underperforming stores, it said.
Representatives for the company did not answer requests for comment or additional details.
Laura, which was founded in 1930, is just the latest in a number of Canadian retailers who have been slammed with financial problems in recent months.
Other popular clothing names like Jacob, Bikini Village, Mexx Canada, Smart Set and the owner of Nine West shoe stores in Canada have all faced severe financial problems or bankruptcy.
News from © The Canadian Press, 2015