Ted Baker Canada, the company managing Ted Baker operations in Canada and the United States, and Brooks Brothers and Lucky Brand in Canada, announced today that it will begin closing sales at select store locations.
Massive Discounts at Major Retailers
According to Businesswire, all 31 Ted Baker stores in the United States and Canada are launching sales with discounts of up to 30% on their entire range of high-end designer clothing and accessories. These discounts are available at all 31 U.S. locations and nine Canadian stores.
Brooks Brothers in Canada offers up to 30% off luxury apparel for men, women, children, and home furnishings across its eight stores.
Lucky Brand stores across Canada are slashing prices by up to 30% on all items, including men's and women's casual wear, premium denim, graphic tees, dresses, and accessories at their seven retail locations.
The sales are valid in-store only. Starting May 10, 2024, online purchases will be paused indefinitely, and all purchases made during this sale are final.
Durien Sanchez, Managing Director of Retail at Gordon Brothers, encourages shoppers to visit early to take advantage of significant discounts and the best product selection. "With these low prices, we expect items to sell out quickly," Sanchez stated.
Ted Baker Canada, which also manages Ted Baker Limited in the U.S., and Brooks Brothers and Lucky Brand in Canada, announced on May 10 that select retail locations across North America are starting their store-closing sales.
Also Read: Applebee's Closure in New York Marks a Significant End to Over a Decade of Service
Ted Baker Files for Bankruptcy Protection
In late April, the operators of Ted Baker stores in Canada and the U.S. initiated insolvency proceedings in Toronto, along with a Chapter 15 petition in a New York bankruptcy court.
According to Bloomberg Law, Chapter 15 bankruptcy helps protect a company's assets from creditors during restructuring in another country.
This legal move follows roughly one month after Ted Baker's European operations were placed under administration.
On May 3, 2024, a Canadian court approved the company's liquidation process. Shortly afterward, on May 8, the U.S. Court endorsed the plan, recognizing the Canadian proceedings under the CCAA (Companies' Creditors Arrangement Act) and ensuring that U.S. operations adhere to the Canadian court's decisions.
Alvarez & Marsal Canada Inc. is overseeing the process as the CCAA Monitor. Their monitoring services provide more details about the Company's CCAA proceedings.
About Gordon Brothers: A Century of Expertise
Since its founding in 1903, Gordon Brothers has supported lenders, management teams, advisors, and investors as they navigate change. The firm, headquartered in Boston and operating from over 30 offices worldwide, offers a robust blend of expertise and capital.
It provides tailored solutions integrating valuations, dispositions, financing, and investment.
Gordon Brothers partners with retail, commercial, and industrial companies to maximize liquidity, optimize asset use, and manage liabilities effectively.
Annually, the firm handles over $100 billion in dispositions and appraisals, extending both short-term and long-term capital solutions during transformative periods for clients.
With its extensive experience, Gordon Brothers invests in and lends against various assets, including brands, real estate, inventory, receivables, machinery, and equipment. These efforts underscore its commitment to delivering comprehensive liquidity solutions beyond its leading disposition and appraisal services.
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