TORONTO, March 13, 2019 /CNW/ - Green Earth announced today that they will begin going-out-of-business sales at all 29 locations beginning March 9, 2019. Sales will offer discounts of 40% to 80% on all merchandise, including all popular licensed collectible lines, Green Earth Candles, jewellery, fire pots and fire gel, dragon eggs, etc.
Ontario-based Green Earth has been Canadian owned and operated since 1990. Hit by several uncontrollable factors, including reduced mall traffic and growing competitive pressure from online players, Green Earth filed a notice of intention to make a proposal ("NOI") under the Bankruptcy and Insolvency Act on March 4, 2019. Crowe Soberman Inc. is the trustee under the NOI and FAAN Advisors Group Inc. is Green Earth's Chief Restructuring Advisor.
"After considering a number of restructuring options we have determined that this is the best course based on an array of business challenges," said Matthew McBride, of Green Earth. "We thank all of our loyal employees for their hard work and dedication, and we thank all of our life long customers for so many years of patronage and support, and encourage all to take advantage of the incredible savings on our entire inventory".
With more than $16 million of inventory, plus fixtures and equipment, to be liquidated, the sale will begin Saturday March 9, 2019.
"Our stores are really well known in the local markets where we have served our communities for years. The sale provides an opportunity for our loyal customers to buy products at compelling discounts. A sale like this is unprecedented in Green Earth's history. We encourage customers to take advantage while selection is best." said Matthew McBride.
Furniture, Fixtures and Equipment also available for sale.
SOURCE Green Earth