CANADA: Dylex Probe Uncovers Odd Payments
Dylex was sold in May for $68m, to Hardof Wolf, a shell corporation owned by McCrory Corp. Creditors are now alleging that money that should have been repaid to them has been funnelled by Hardof to McCrory.
A report issued by the Dylex receivers shows that Dylex had shareholders equity of $105.4m the day before it was acquired by Hardof Wolf. By the time the company filed for bankruptcy protection, it had acquired a book value deficiency of $2m. The report showed up a number of other inconsistencies and odd transactions.
As the investigation continues, the Dylex Fairweather chain is up for sale by the receiver.
To view related research reports, please follow the links below:-
- Fashion fit for the future – strategies for speed
- How PVH is paving the way for connected apparel
- Digitisation to drive new apparel-making models
- Pakistan industry seeks help to kickstart exports
- Under Armour Lighthouse will disrupt production
- US Q3 in brief – Columbia Sportswear, HanesBrands
- Primark sourcing chief Gordon steps down
- Child refugees found in Turkey apparel factories
- Chinese manufacturer invests $20m in US facility
- Managing change in the move to new tech tools
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022
- Apparel (GLOBAL) - Industry Report