A low-cost, Canadian fashion brand will close all of its stores.
All Ricki’s and cleo stores are set to close across Canada, according to a press release from the parent company.
This comes as another major Canadian retailer, Frank and Oak, filed for bankruptcy.
Comark Holdings Inc., the company that owns Ricki’s, cleo and Bootlegger stores filed for bankruptcy protection back in June 2020 after prolonged shutdowns due to the COVID-19 pandemic. The company closed approximately 30 of its underperforming stores at that time.
This week, Comark announced they started proceedings under order from the Ontario Superior Court of Justice. The court has appointed Alvarez & Marsal Canada Inc. to restructure the company.
“After careful consideration of all reasonably available options, the Company has determined that it is in the best interests of its stakeholders to wind down its Ricki’s and cleo operations and to close all Ricki’s and cleo retail store locations,” Comark said in the release.
Bootlegger may survive in some form as Comark plans “to explore opportunities” including reducing its retail footprint.
The company has continued to struggle after the pandemic, according to the court filing. It was also hit with a 2021 cyber incident that compromised internal systems and inventory. And the emergence of more low-cost fashion retailers has increased competition in the market.
Comark intends to seek a further court order for the full liquidation of all Ricki’s and cleo and certain Bootlegger stores. The stores will remain open during this process.
There are 221 Ricki’s, cleo and Bootlegger stores in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia and Newfoundland and Labrador.
Stores are located in shopping malls, big box power centres and strategic suburban plazas across Canada.
There are dozens of Ricki’s and cleo stores in Ontario including Toronto, Hamilton, Oshawa, Oakville and Burlington.
As of December 2024, the stores had 2,056 hourly and salaried employees across Canada.
Ricki’s has a long history in Canada. The store opened in Winnipeg, Manitoba as Ricki’s Ladies Wear in 1939. Based out of Mississauga, Cleo was originally called Irene Hill and changed its name in 1994.
Cormak was established in 1976 and now has over 200 stores operating under three banners: Ricki’s, cleo and Bootlegger.
See more about the court process on the Alvarez & Marsal Canada Inc. website.
Photos: Ricki’s and cleo