Montreal – Le Château announced its intention to liquidate its assets and shut down all 123 stores in Canada.
That includes Seven Oaks Mall in Abbotsford and Cottonwood Mall in Chilliwack.
It is expected that Gordon Brothers Canada ULC and Merchant Retail Solutions ULC will be appointed as the Company’s consultants to implement the Liquidation and that Pricewaterhouse Cooper Inc. will be appointed as monitor to the Company in these CCAA proceedings (the “CCAA Proceedings”) to oversee the Company’s operations during the Liquidation.
It is expected that the current six directors of the Company will remain on the Company’s Board of Directors to assist with the Liquidation. If the CCAA Application is granted, the Company will obtain interim (DIP) financing from Wells Fargo Capital Finance Corporation Canada which will allow the Company to fund its post-filing working capital requirements during the Liquidation and the CCAA Proceedings.