Aldo Group Inc. says it has completed a restructuring process initiated in May 2020, when it filed for creditor protection amid the COVID-19 pandemic shutdown.
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 by the end of last month, while payments to North American creditors will be released over the next few months.
Pandemic restrictions decimated the retail landscape in Canada and forced dozens of retailers to file for court protection or to 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 grown stronger than it was before the two-year restructuring and focused on growth.
“It is a matter of great relief that we have left this process behind, and with enthusiasm we now look forward,” he said in a statement on Thursday.
Court-appointed Monitor E&Y’s Martin Rosenthal said the company has shown great transparency and leadership in the entire restructuring process.
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