Discount retailer Miniso Canada granted creditor protection by B.C. court
A Miniso store in Vancouver is seen in this file photo. (Miniso)
The Canadian Press
Published Saturday, July 13, 2019 2:56PM PDT
VANCOUVER - The Canadian operations of Chinese discount retailer Miniso have secured creditor protection through an order of the Supreme Court of British Columbia.
The application for bankruptcy protection of the Canadian franchise operations was initiated by several parent-company entities collectively referred to as Miniso Group.
Miniso Canada operates 67 stores in B.C., Alberta, Ontario, Quebec, Nova Scotia, and the Northwest Territories, which it says will continue to serve customers as usual.
The court order allows Miniso Canada to obtain up to $2 million in financing from the Miniso Group, as the two entities work to complete the restructuring of the Canadian operations.
The company entered the Canadian market in 2017 with a stated goal of opening 500 locations within three years, but has not announced a new store opening on its website since last November.
The parent company filed an application last December seeking to begin bankruptcy proceedings for the brand's Canadian business, accusing the Canadian franchisee of failing to meet liabilities among other issues, before the two sides reached an interim settlement in January.