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Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Danier Leather starts closing sales at 76 stores across Canada

Wednesday, March 09, 2016 > 10:51:57
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(Financial Post)

Store closing sales start Tuesday at the remaining Danier Leather stores and outlets in Canada.

Underpinning all of Danier’s woes in recent years was the rise of the now-ubiquitous puffy parka, turned into a Canadian fashion staple by Canada Goose more than five years ago. Read on

The well-known retailer of leatherwear and accessories entered insolvency proceedings in February after losing nearly $20 million in its 2015 fiscal year despite efforts to turn the business around. Sales fell 14 per cent in 2015 after contracting by 10 per cent the previous year.

The liquidators say in addition to their current inventory, the stores are receiving new shipments from warehouses.

The store fixtures, furniture and equipment are also for sale.

CEO Jeffrey Wortsman said in Danier’s most recent annual report that the company had failed to offer clothing and accessories that aligned with current fashion trends.

Danier signed an agreement with GA Retail Canada to take over its stores and sell off its inventory and retail furniture if it did not find a buyer.

There are 76 Danier Leather stores and outlets across Canada.


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