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July 15, 2022

Aldo ‘successfully’ restructures after bankruptcy filing

Canadian footwear specialist Aldo Group says it has successfully restructured, two years after it filed for bankruptcy protection.

By Hannah Abdulla

Aldo filed for bankruptcy protection in May 2020 and was one of the many retailers severely impacted by the initial impact of the Covid pandemic.

In September 2020, the UK footwear arm of Aldo was acquired by Bushell Investment Group (BIG), saving 150 jobs and creating an additional 50 roles across the business over the next 12 months.

Aldo, which operates in more than 100 countries and celebrates its fiftieth year in business this year, says the news marks the beginning of a new chapter for the company.

“It is with great relief that we put this process behind us, and with excitement that we now look ahead. The work and restructuring we’ve done over the past two years have built us a solid foundation on which to grow, and we’re confident in what the future will bring. I want to take this opportunity to thank our associates, customers and partners for their support and trust during these unprecedented times,” says David Bensadoun, CEO of Aldo Group.

The company notes while maintaining its activities during its restructuring after the bankruptcy filing, it initiated a major transformation to solidify its financial model, to optimise its operations by prioritising profitability, and to rally its teams and partners around a common updated vision.

“The Aldo Group 2.0 is leaner, more agile, and flexible. From this extensive legal and administrative process, the company emerges stronger and ready to pursue growth,” it says.

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