MONTREAL – It appears clothing retailer Le Chateau is going out of business due to the financial impacts of COVID-19.
The Montreal-based retailer will be closing 123 stores and cutting 1,400 employees who work in stores and at the company’s head office.
It has 500 head office employees and 900 retail store employees.
Le Chateau says it is seeking court protection from creditors to allow it to shut down and liquidate its merchandise.
Le Chateau says it will go out of business, closing 123 stores, cutting 1,400 employees (900 in stores, 500 at head office in Montreal) and liquidating merchandise. It's the latest of many retailers affected by the coronavirus pandemic. pic.twitter.com/cI0dm0cwoH
— Richard Dettman (@rwdettman) October 23, 2020
The clothing retailer says it can no longer continue its operations, and that circumstances leave the company with no option other than to start the liquidation process.
