Footwear model Aldo completes restructuring, emerges from creditor safety

Writer of the article:

The Canadian Press

MONTREAL — Aldo Group Inc. says it has accomplished a restructuring course of it launched in Might 2020 when it filed for creditor safety amid COVID-19 pandemic shutdowns.

The Montreal-based footwear and vogue equipment firm says it may possibly now pay its collectors as outlined in its authorised restructuring plan.

It says all worldwide collectors had been paid as of late final month whereas funds to North American collectors might be issued throughout the subsequent few months.

Pandemic restrictions decimated the retail panorama in Canada and compelled dozens of shops to file for courtroom safety or shut completely.

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Aldo says the profitable restructuring marks the start of a brand new chapter for the chain, which operates in additional than 100 international locations and celebrates its fiftieth yr in enterprise this yr.

CEO David Bensadoun, whose father Aldo based the chain in 1972, says the corporate has emerged from two years of restructuring stronger than earlier than and centered on development.

“It’s with nice aid that we put this course of behind us, and with pleasure that we now look forward,” he mentioned in a press release Thursday.

Martin Rosenthal, of the court-appointed monitor E&Y, mentioned the corporate has proven nice transparency and management all through the restructuring course of.

This report by The Canadian Press was first printed July 14, 2022.

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