CANADA: Creditors Back Tabi Restructuring Plan
Clothing chain Tabi International Corp, formerly Cotton Ginny Ltd, is expected to emerge from bankruptcy protection this week after its reorganisation plan was overwhelmingly accepted by its creditors.
The women's apparel retailer filed for bankruptcy protection in mid-January and has since sold its remaining Cotton Ginny retail locations, warehousing and Toronto head office facilities as part of its restructuring plan.
Tabi International has continued to operate as a distinct company since April when it amended its name to "Tabi International Corp".
"I would like to sincerely thank our employees, creditors and investors for their continued support throughout this process," said Larry Gatien, interim president and chief executive officer of Tabi International.
"Tabi has a solid track record, including positive financial results over the last several years. We are looking forward to our emergence as a stronger and healthier company capable of leveraging our brand recognition and solid market presence - including 89 retail outlets across Canada - to drive our future success."
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