The owner of Tip Top Tailors, George Richards Big and Tall, Kingsport and other brands is asking for protection from its creditors as it restructures while facing tens of millions of dollars in debt.
Grafton Fraser Inc. sought and was granted court protection under the Companies Creditors Arrangement Act this week, citing “lower than expected retail sales, increased overhead costs, delays in receipt of seasonal inventory and turnover of key personnel,” in a court filing as reasons for its latest financial difficulties.
The company operates 158 stores across Canada and employs 1,226 people. Filings suggest the company owes more than $60 million, and part of its restructuring plan includes the “proposed closure of underp…
Read the full article at: http://www.cbc.ca/news/business/grafton-tip-top-retail-1.3953307