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Major Canadian sustainable fashion brand Frank and Oak has filed for creditor protection for the second time and is seeking relief from a significant debt totaling $71 million.
The brand, which was founded in 2012 and is known for its eco-friendly approach to fashion, filed the applications just before the holidays. The retailer has been owned by New York-based Unified Commerce Group (UCG) since 2020, and first sought creditor protection that year due to pandemic-related financial challenges.
As a result, the retailer shut down its dedicated women’s store on Queen West in July 2020.
Court documents reveal that the brand owes $71 million to creditors, including landlords and textile businesses.
In court filings, the company says it is continuing to face obstacles associated with the effects of the pandemic, and is considering options to possibly restructure its business. The CEO of UCG, Dustin Jones, acknowledged these struggles in a letter to creditors in December.
“The primary goal is to preserve the business, safeguard jobs and explore potential solutions, including attracting an investor or identifying a buyer for the brand,” the company said in a press release.
Despite this, the Montreal-based retailer says that its stores will continue to operate normally with minimal impacts on employees and customers. Frank and Oak currently has 15 stores in Canada, including three in Toronto on Queen Street West, in the Eaton Centre, and at The Well.
A store representative at the brand’s Eaton Centre location confirmed to blogTO that the shop will continue to operate as normal.
