Transaction allows the company to maintain its Quebec property
MONTREAL, July 19, 2012 /CNW Telbec/ - Capital régional et coopératif Desjardins announced today that it is selling its interest in Boutique Le Pentagone Inc. to a Groupe Nero Bianco member company after creditors responded favourably to the restructuring plan submitted on July 16 to Boutique Le Pentagone Inc.'s creditors.
Nero Bianco, a Quebec company sensitive to regional retail business realities, will give Boutique Le Pentagone Inc. a new lease on life. The acquisition will allow Nero Bianco to maintain 300 quality jobs at the Boutique Le Pentagone Inc. head office and distribution centre in Rimouski, as well as in the 38 stores in Quebec and New Brunswick.
On April 10, Boutique Le Pentagone Inc. sought court protection under the Companies' Creditors Arrangement Act, so that it could maintain its operations while a restructuring plan was being prepared and implemented. One of the major steps in this restructuring plan was to find a new investor and strategic partner that would bring synergy and ensure the company's long-term viability.
About Groupe Nero Bianco
Groupe Nero Bianco has been in the retail leather shoe and clothing business since May 1984. The company has grown over the years and now has 49 stores, including 29 under the Nero Bianco name, in the Quebec City, Saguenay-Lac-Saint-Jean, Lower St. Lawrence, North Shore and Montreal regions.
About Capital régional et coopératif Desjardins
Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. With over 106,000 shareholders and net assets of $1.22 billion, CRCD contributes to Quebec's economic development and the growth of cooperatives and the resource regions. CRCD supports over 300 companies, cooperatives and funds in various industries across all regions of Quebec. For more information, visit www.capitalregional.com.
For further information:
For journalists only
Capital régional et coopératif Desjardins
514-281-7275 - 1-866-866-7000, ext. 7275