Boutique Jacob makes a fresh start

Plan of Arrangement confirmed by the Superior Court of Quebec -
the company expects to emerge by January 31, 2012

MONTREAL, Sept. 20, 2011 /CNW Telbec/ - Boutique Jacob Inc. is proud to announce that the Superior Court of Quebec sanctioned the successful outcome of the creditors' vote on its Plan of Arrangement today, thus paving the way for its emergence from proceedings in virtue of the CCAA by latest January 31, 2012. Indeed, the Plan proposed by JACOB had an exceptional approval rate of 96%*.

Since March 2011, the CIBC has been supporting JACOB and will continue to do so by offering the company a $20 million operating line of credit as of October. Moving forward, JACOB will be supported by a second financial partner, the Business Development Bank of Canada (BDC) with a $7 million loan. These two financial partnerships are key elements of the recovery plan.

"Today, we are experiencing a defining moment in JACOB's transformation. We are starting fresh on new fundamentals that are much more solid," explains Joey Basmaji, President and Founder of the company. "I am extremely proud of all that we have accomplished since the beginning of our restructuring process in November 2010, thanks in great part, to the loyalty and perseverance of our employees and management team. I would also like to express my gratitude to our suppliers and partners for their extraordinary support. I am convinced that together we will build a successful future for everyone. The JACOB brand has been renowned for close to 35 years and I am confident that it will continue to be for many more years to come," he concludes.

2011 - A year of renewal for JACOB

JACOB redefined itself this year. Having reduced its store network in order to focus its efforts on the JACOB banner, the proudly Canadian brand is going back to what made it so successful: offering classic and modern fashion that inspires women to own their style. These last few months allowed JACOB to better understand its target customer, establish its brand positioning, redefine its shopping experience and communicate through a strong advertising strategy. Starting in October, the arrival of JACOB's e-commerce website will allow the company to broaden its reach to Canadian customers. JACOB is confident that these strategic initiatives will help ensure its success.

A very special thank you to JACOB customers

To celebrate, JACOB would like to thank its customers for their support over the last few months by offering a $25 gift card for every $75 purchase. This offer will be available from September 20 to 26, 2011 in its 100 stores across the country.

*For more information, please refer to the Controller's website: www.pwc.com/car-boutique-jacob.

LIVE CHIC. LOVE JACOB.
Based in Montreal, this proudly Canadian family business offers clothing, lingerie, accessories and beauty products in its 100 stores and employs close to 1,200 employees. In September 2010, JACOB became the first Canadian company to commit to no longer retouching the body shape of its models in order to promote a healthy body image.

SOURCE Boutique JACOB Inc.

For further information:

or an interview, contact:
Cristelle Basmaji
JACOB
514-952-5546

Profil de l'entreprise

Boutique JACOB Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.