Canadian retailer Laura's Shoppe (P.V.) Inc. which operates the Laura, Laura Petites, Laura Plus, and Melanie Lyne banners, successfully restructures, only four months after filing for creditor protection.
MONTRÉAL, Dec. 3, 2015 /CNW Telbec/ - Canadian fashion retailer Laura's Shoppe (P.V.) Inc. has successfully completed restructuring on November 30th, 2015, four months after their initial filing. On November 19th, 2015, the company received nearly unanimous support from creditors of a go-forward plan, gaining approval from 96% of the voters, who were owed 99% of the payables.
"We emerge from our formal restructuring humbled and grateful for the support of our stakeholders, including so many devoted employees, long time vendors and landlords," said Kalman Fisher, President of Laura's Shoppe (P.V.) Inc. "Our partners understand that it was internal strategic errors made in 2012 – and since addressed – that necessitated our filing. Their support for our plan demonstrates confidence in our ability to fulfill specific needs in the marketplace and will allow us to continue working to offer our customers shopping experiences that exceed their expectations."
The company's plans for 2016 include investments in store renovations, technology and eCommerce, with the objective of delivering more enjoyable and personalized shopping experiences to its loyal customers.
New concept stores to benefit customer experience
The company has developed new concept store designs for both the Laura and Melanie Lyne brands, and will be renovating stores to better serve customers. Newly renovated stores will offer a modern aesthetic and an improved layout. Both brands will boast a VIP fitting room in each new and renovated store, in order to cater to their core customers who regularly update their wardrobes with the assistance of the company's talented associates. Loyal customers have long taken advantage of personalized shopping experiences, offered at no charge. The new fitting room and lounge areas have been designed to enhance the appointment experience.
About the filing in July 2015
Laura's Shoppe (P.V.) Inc. filed for creditor protection on July 31st, 2015. After experiencing losses in 2012 and 2013 due to a change in merchandise direction, the company was able to return to profitability in 2014 but additional measures were needed to address the debt that had accumulated from the prior years. Savings were realized through the closure of underperforming stores (15 stores were closed in September 2015 and an additional 5 stores will close by the end of January 2016), substantial rental reductions (over 50 re-negotiated leases), reduction in excess office space and a reduction in head office labour.
About Laura Canada
Laura's Shoppe (P.V.) Inc. is a leading national women's clothing retailer. Founded in 1930 when Laura Wolstein opened her first shop, the company has expanded to over 140 stores, with over 2,000 employees across Canada, all under the leadership of her grandson, Kalman Fisher. Operating under the Laura, Laura Petites, Laura Plus, and Melanie Lyne banners, Laura Canada's brands cater to the tastes and comfort of the modern woman, and are the go-to destinations for day and evening dresses. Laura's Shoppe (P.V.) Inc. is a privately owned company, headquartered in Montreal, Quebec. www.laura.ca / www.melanielyne.com
SOURCE Laura Canada
For further information: Polina Lichagina, National Account Manager, Bicom, [email protected], 514.223.6770