Clothing retailer Frank and Oak is closing all 14 of its stores in the coming weeks and selling its intellectual property to a Montreal-based company as part of ongoing restructuring efforts.
In a press release, the company says the Superior Court of Quebec approved the sale of the brand to Lamour Group and Thread Collective Inc.
It says the Frank and Oak brand will continue on, but the original corporate entity UGC Canada Holdings Inc. is expected to file for bankruptcy and wind down its operations.
Existing inventory will be liquidated, while e-commerce sales will continue for Canadian customers.
The new operating company will look at options for the future of the Frank and Oak brand, which could include opportunities to relaunch in select markets or channels.
Frank and Oak filed a notice of intention in December, saying it faced financial difficulties due to COVID-19 and supply chain problems.
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