MISSISSAUGA, ON, April 2, 2015 /CNW/ - Comark Inc. ("Comark" or the "Company"), a leading Canadian specialty fashion retailer serving customers through its Ricki's, Bootlegger and cleo banners, announced today that pursuant to the Initial Order of the Ontario Superior Court of Justice (Commercial List) (the "Court"), the Company has commenced a sale and investor solicitation process (the "SISP"). On March 26, 2015 Comark announced that it obtained an initial Order from the Court granting it creditor protection under the Companies' Creditors Arrangement Act ("CCAA").
Pursuant to the SISP, Comark, through its Financial Advisor Houlihan Lokey Capital, Inc., and under the supervision of the Court appointed Monitor Alvarez & Marsal Canada Inc., is soliciting proposals from prospective strategic and financial parties to acquire the business of, or to invest in Comark. Interested parties can obtain additional information, prior to May 5, 2015, by contacting:
The Company commenced proceedings under the CCAA to provide it with the necessary time and stability to restructure its operations and emerge as a stronger business, better able to serve and support its loyal customer base.
Comark's Ricki's, Bootlegger and cleo stores across Canada remain open for business and continue to stock the latest mix of exclusive private-label and nationally branded apparel. All rewards programs, gift cards, warranties and exchanges continue to be honoured.
Additional information regarding the Company's CCAA proceedings, including court materials, are publicly available on the Monitor's website at www.alvarezandmarsal.com/comark. Comark will continue to provide updates throughout its restructuring process.
About Comark Inc.
Comark is one of Canada's leading specialty apparel retailers. Established in 1976, the Company today has approximately 300 stores operating under three divisions: Ricki's, Bootlegger and cleo. Comark stores are located in shopping malls, big box power centres and strategic suburban plazas across Canada. The Company's long history throughout the country has fostered tremendous customer loyalty within each division's target market. Each of its divisions targets a segment of Comark's clearly defined customer base, ranging from young adults to the New50 Woman, with a mix of exclusive private-label and nationally branded product.
SOURCE Comark Inc.
For further information: Comark Inc., (905) 567-7375, [email protected]; Media contact: Nick Anstett, Longview Communications, (416) 649-8008