The founders of Canadian luxury retailer Ssense have received court approval for their takeover offer. In doing so, they blocked an agreement from lenders who sought to liquidate the company.
The Quebec Supreme Court informed the company’s advisor, Ernst & Young, that the offer of the founders – brothers Rami, Bassel and Firas Atallah – together with their strategic partner had been accepted. As a result, the transaction was completed on February 13th.
In a statement to multiple media outlets, including Bloomberg, the company said: “After months of uncertainty, the completion of the transaction marks an important milestone. It confirms our ability to continue building Ssense for the long term.”
Montreal-based Ssense filed for creditor protection in mid-2025 and initiated court-approved restructuring proceedings under Canada’s CCAA. This enabled operations to continue.
Financial advisors were then brought in to stabilize operations. This resulted in $40 million in interim financing, which helped address the company’s growing debt.
Speculation about the Atallah brothers’ pursuit of full ownership emerged in September. At the time, media reports revealed that the family had entered the sales process for the company they co-founded in 2003.
Court assesses the founders’ offer as the ‘best result’ for stakeholders
According to court documents seen by WWD, the founders initially made a cash offer of $20 million in early December 2025. After this was rejected, they increased their offer to $58.5 million. In addition, they assumed liabilities of $18.2 million (approximately €16.85 million), bringing the total value to $78 million.
This pitted them against a group of lenders led by Investissement Quebec and RBC. This group spoke out against the sale and in favor of liquidating the company.
However, the court ruled that continuing the business was the “best outcome for the debtors and all stakeholders.” This would enable Ssense to retain a “significant proportion” of its employees. In addition, the suppliers could maintain their business relationship with the company.
The founders’ statement continued: “With the closing of the transaction, we look forward with clarity and confidence. We remain committed to our purpose: advancing culture and providing a platform to amplify the voices that shape it. We are grateful to our community for their support during this time.”
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