New York – Canada’s Tristan & Iseut Inc., a fashion brand founded in 1973, filed a notice of intention on July, 21 to seek protection under the Bankruptcy and Insolvency Act.
The file was made publicly available by the company’s trustee MNP Ltd. According to MNP, this notice is often the first stage of a restructuring process, and protects companies from creditors until they can create a plan to reorganise.
Thus, Tristan joins other Canadian retailers including Frank and Oak. Reitmans and Aldo Group in filing for creditor protection since the global coronavirus pandemic started.
The steward of Canadian fashion – 30 percent of their stock was made in the country - has been manufacturing face shields for use as protective equipment during the past couple of months, reported the Canadian Press.