Toronto Retailer Mendocino to Close Stores, File Under Insolvency Act
Shoppers walk through Yorkdale mall in Toronto in 2019.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Mendocino Clothing Co., a Toronto-based retailer, has begun restructuring proceedings and plans to close stores to focus on online orders.
The closely-held company filed a notice of intention to make a proposal under Canadian bankruptcy law on July 14, according to documents posted on the website of KSV Kofman Inc., the trustee. The documents listed Toronto-Dominion Bank as a secured creditor owed C$2.69 million ($1.99 million) and a further C$5.78 million owed to unsecured creditors including American Express and OPGI Mgmt.