A sign is posted at the entrance of an Aldo shoe store inside the American Dream Mall, Thursday, Oct. 1, 2020, in East Rutherford, New Jersey. Aldo Group Inc. says it has completed the restructuring process it launched in May 2020 when it filed for creditor protection amid COVID-19 pandemic shutdowns. THE CANADIAN PRESS/AP-Kathy Willens
July 14, 2022 - 1:20 PM
MONTREAL - Aldo Group Inc. says it has completed a restructuring process it launched in May 2020 when it filed for creditor protection amid COVID-19 pandemic shutdowns.
The Montreal-based footwear and fashion accessories company says it can now pay its creditors as outlined in its approved restructuring plan.
It says all international creditors were paid as of late last month while payments to North American creditors will be issued within the next few months.
Pandemic restrictions decimated the retail landscape in Canada and forced dozens of retailers to file for court protection or close permanently.
Aldo says the successful restructuring marks the beginning of a new chapter for the chain, which operates in more than 100 countries and celebrates its 50th year in business this year.
CEO David Bensadoun, whose father Aldo founded the chain in 1972, says the company has emerged from two years of restructuring stronger than before and focused on growth.
“It is with great relief that we put this process behind us, and with excitement that we now look ahead," he said in a statement Thursday.
Martin Rosenthal, of the court-appointed monitor E&Y, said the company has shown great transparency and leadership throughout the restructuring process.
This report by The Canadian Press was first published July 14, 2022.
News from © The Canadian Press, 2022