A Sail outdoor store is seen in Brossard, Que. on Tuesday, June 2, 2020. Sail Outdoors Inc. has filed for bankruptcy protection so it can restructure amid the COVID-19 pandemic. THE CANADIAN PRESS/Paul Chiasson
June 02, 2020 - 9:56 AM
LAVAL, Que. - Sail Outdoors Inc. has filed for bankruptcy protection so it can restructure amid the COVID-19 pandemic.
The Laval, Que.-based retailer says in a statement that it filed for protection under the Bankruptcy and Insolvency Act as part of a restructuring process.
CEO Norman Decarie says store closures and other consequences of the pandemic put more pressure on the company's cash flow and financial health.
He says the situation forced Sail "to make major decisions to ensure the company's sustainability."
The company says the filing will allow it to get support while it implements a plan aimed at restoring its financial health and better responding to the retail environment.
Sail, which employs nearly 1,800 people, says its 14 Sail stores and four Sportium stores are open in accordance with provincial public health guidelines.
This report by The Canadian Press was first published June 2, 2020.
News from © The Canadian Press, 2020