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May 20, 2020

Aldo Group prepares to exit Ireland amid Covid-19 pressures

Canada-based footwear retailer and distributor Aldo Group has begun proceedings to appoint a liquidator for its Ireland business due to the impact of the coronavirus pandemic.

By Michelle Russell

Canada-based footwear retailer and distributor Aldo Group has begun proceedings to appoint a liquidator for its Ireland business due to the impact of the coronavirus pandemic.

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A spokesperson for the company said Aldo Shoes Ireland Ltd signified its intention to file on 11 May and has now begun the ten-day waiting approval period, whereby the intention is to appoint a liquidator and “work on a plan” with them.

The news comes just a week after Aldo Group filed for creditor protection in order to restructure its business.

The Montreal-based company obtained an initial order under the Companies’ Creditors Arrangement Act (CCAA) from the Superior Court of Québec, and has voluntarily applied for similar protection in the US. It plans to do the same in Switzerland.

Aldo closed its website in Ireland on 12 May and its stores in the country remain closed due to Covid-19 and until the company gets a response from the court.

“This decision was necessary based on the impact of the Covid-19 pandemic, as well as historic profitability challenges and the unprecedented collapse in retail spending. These factors put too much pressure on the business,” the spokesperson said.

“The Aldo Group continues to believe in the strength of its company and brands; Aldo will remain a global brand and still has a strong presence in 100+ countries. The company will use the proceedings to restructure its business and build on its legacy in retail fashion in other jurisdictions, allowing to ensure the long-term stability of the company and its international business.”

Aldo is one of a number of retailers that have filed for bankruptcy protection in recent weeks due to a challenging market environment exacerbated by the Covid-19 pandemic.

Stage Stores filed for Chapter 11 bankruptcy protection last week, following US luxury department store retailer Neiman Marcus, and US apparel retailer J.Crew Group.

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Free Report
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How can brands navigate the post-COVID-19 Apparel market?

In 2021, the Global Apparel market remained at 3% below pre-pandemic levels, with Europe and LATAM lagging behind. If they want to see full recovery, brands must look ahead. GlobalData is therefore offering this free report, Future of the Apparel Market Post Pandemic, to assist companies in adapting to the future market. This report explores the following topics:
  • Latest forecasts for the online apparel market out to 2025
  • How different regions and categories will perform, including which regions are lagging behind and which are performing at pre-pandemic levels
  • Which categories within the Apparel market are displaying resilience
  • Which brands are driving online spending
  • Impact of inflation on the Global Apparel market
  • What the biggest trends are that apparel businesses must adopt to succeed
Read our report on the Future of the Apparel Market Post Pandemic to gain valuable insights on how to best position your brand in a post-COVID-19 world.
by GlobalData
Enter your details here to receive your free Report.

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