The Aldo Group has announced that it has “successfully” completed its restructuring process. This process began in May 2020 when the company filed for bankruptcy protection.
The Canadian shoe chain is among a number of retailers hit by the impact of the pandemic and the resulting store closures.
The group began its restructuring process in Canada and sought similar protections in the US and Switzerland to stabilize the company.
As part of legal sanctions in the three regions, the company has now paid out all of Aldo Group International’s creditors, with payments to North American creditors set to be made over the next few months.
A new chapter
In a press release, Aldo explained that the news marked the “beginning of a new chapter” for the company, which is celebrating its 50th anniversary this year.
“It is with great relief that we leave this process behind us and look forward with excitement,” commented David Bensadoun, CEO of Aldo Group. “The work and restructuring we have undertaken over the past two years has given us a solid foundation for our growth and we are confident of what the future holds.”
During the process, Aldo was able to continue in business and, according to its own statements, “undertook a major restructuring to solidify its financial model” and streamline its operations by prioritizing profitability.
Martin Rosenthal, a court-appointed surveyor for Ernst and Young Inc., stated, “The past two years have been characterized by a close working relationship with the Aldo Group, which has consistently demonstrated great transparency and leadership. I would like to congratulate the company on successfully completing this process, as well as its teams for their diligent work.”
This translated article originally appeared on FashionUnited.uk.