Aldo could receive investment from Quebec government - Just Style
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Aldo could receive investment from Quebec government

By Hannah Abdulla 29 Jun 2020

Struggling footwear retailer Aldo Group could receive investment from the government of Quebec, the group told just-style.

Aldo could receive investment from Quebec government

Struggling footwear retailer Aldo Group could receive investment from the government of Quebec, the group told just-style.

Aldo filed for creditor protection in order to restructure its business last month, citing difficulties since the Covid-19 pandemic hit and the changing retail landscape.

Subsequently, the Canadian firm began proceedings to appoint a liquidator for its Ireland business and its UK business was placed into administration.

According to a report published Bloomberg, Quebec’s economy minister Pierre Fitzgibbon said the group could win investment from the government of Quebec as it reorganises. While details of the investment have not yet been hammered out, it could see Quebec take an equity stake in the company.

In an email to just-style, a spokesperson for Aldo Group said: “Knowing the many challenges the Aldo Group has been facing since the Covid-19 pandemic hit, it is great to see the support from the Quebec Government.

“We are still in the early stages of the restructuring process. Consequently, further details have not yet been confirmed with lenders.

“We are on track with our restructuring plan and intend to be engaging in these discussions when we reach that point in the process. No announcement is planned at this time.”