TORONTO — An Ontario court docket has given The Physique Store Canada the approval it must promote nearly all of its enterprise to a personal fairness agency.
TORONTO — An Ontario court docket has given The Physique Store Canada the approval it must promote nearly all of its enterprise to a personal fairness agency.
In a listening to, Justice Peter Osborne allowed the cosmetics retailer to proceed with a sale to an affiliate of Markham, Ont.-based Serruya Personal Fairness Inc.
Courtroom paperwork present 59 properties owned by The Physique Store Canada will probably be bought by Serruya. The Physique Store Canada had 72 shops earlier within the yr and attorneys performing on its behalf say these not acquired will probably be liquidated after the deal closes Monday.
By the point the transaction closes, paperwork say about 600 staff, together with 100 seasonal staff, will probably be issued termination notices, however roughly 500 will probably be rehired by the brand new proprietor.
Serruya Personal Fairness Inc. is led by the co-founder of Yogen Früz and has invested in St. Louis Bar and Grill, Second Cup and Swensen’s.
The Physique Store has been up on the market since July. It began procuring itself round after submitting for creditor safety in March, when it closed 33 shops and blamed its mum or dad firm for stripping it of money and pushed it into debt.
This report by The Canadian Press was first printed Dec. 13, 2024.
Tara Deschamps, The Canadian Press
