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The Frank And Oak chain of outfitters is the most recent Montreal-based retailer to file for chapter safety because of the impacts of the COVID-19 pandemic, though the corporate intends to proceed to promote its merchandise on-line.
Based in 2012 by Hicham Ratnani and Ethan Tune, Frank And Oak ultimately opened 16 areas throughout Canada, together with seven in Quebec and two in Montreal. Whereas among the chain’s boutiques reopened final month, together with the one on Stanley St. in downtown Montreal, others, such because the St. Viateur E. location, stay closed.
“Like many manufacturers and retailers, Frank And Oak has been considerably impacted by the COVID-19 pandemic, and consequently, has made the tough determination to file a discover of intention to make a proposal (below the Chapter and Insolvency Act),” says an organization assertion supplied by a public-relations agency.
“In making this submitting, the corporate intends to restructure its enterprise and focus its efforts on strengthening the corporate’s rising e-commerce operation, which has all the time been on the core of the model since its early days. Frank And Oak was born on-line and the pandemic brings a chance to refocus on its core digital energy.”
In accordance with the provincial register of companies, Frank nd Oak employs between 100 and 249 staff within the province.