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.
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