Dack's Shoes, one of Canada's oldest and best-known men's footwear retailers, has filed for bankruptcy after 175 years in business.

The Toronto-based firm, which filed for bankruptcy last Wednesday (9 December), said it will close all six of its remaining Canadian stores after liquidating the entire inventory.

The retailer blamed its decision on "the financial issues that have plagued this industry for the past decade."

The company, which was founded by Irish immigrant Matthew Dack in 1834, in recent years tried to bring in new business by adding women's shoes to its line-up.

But it said: "Trying to restructure and capture future market share during this time of global economic downturn and vastly reduced consumer spending have proved impossible."