RJ Burlington Inc., a Burlington, Ontario-based indoor trampoline park and franchisee of Rockin' Jump International, filed for bankruptcy on September 3, listing approximately $2.5 million in liabilities. Albert Gelman is the bankruptcy trustee.
Swizzlesticks Enterprises Inc., a Calgary, Alberta-based salon and spa, filed for bankruptcy on August 25, listing approximately $1.3 million in liabilities. PwC is the bankruptcy trustee.
SFP Canada Ltd., a Mississauga, Ontario-based company that operates 76 retail stores across Canada under the Papyrus, Carlton Cards, and Paper Destiny brand names, filed for bankruptcy on August 20, listing approximately $7.7 million in liabilities, including $5.1 million to American Greeting Corporation. The company had already filed for CCAA protection in January 2020 and liquidated substantially all of its assets. Richter is the bankruptcy proposal. Canadian counsel is Osler for the company and Blakes for American Greeting Corporation.
TA Hotel Management Limited Partnership, which owns Vancouver's Trump International Hotel, filed for bankruptcy on August 17, listing approximately $4.9 million in liabilities, including $3.2 million to Maxfine International Limited. Grant Thornton is the bankruptcy trustee.
Chico’s FAS Canada, Co. ("Chico's Canada"), which operates stores in Southern Ontario under the Chico’s and White House Black Market names, filed for bankruptcy on July 31. The bankruptcy process will result in the closure of four Chico’s and six White House Black Market boutiques in Ontario, which have remained closed since March 17 due to the COVID-19 pandemic. The closure of the Canadian boutiques is part of the company’s ongoing cost-savings measures taken to mitigate the impact of the COVID-19 pandemic and address the operational and financial challenges associated with operating in Canada. Chico’s Canada will transition to a digital-only business in Canada. KSV is the bankruptcy trustee. Counsel is Paliare Roland for the bankruptcy trustee and Osler for Chico’s Canada and its parent, Chico’s FAS, Inc..
Fitz's Mobile Welding Inc., a Harbour Grace, Newfoundland and Labrador-based company that provides welding and fabrication services, was deemed bankrupt on July 15 after creditors rejected its proposal. The company listed approximately $2.5 million in liabilities, including $230.4 thousand to CRA.
Lucky Brand Dungarees Canada, the Canadian subsidiary of the American denim retailer, made an assignment in bankruptcy on July 6 following the filing of Chapter 11 proceedings by its parent company. The company operates nine retail stores across Canada selling men’s and women’s denim products and accessories. KSV was appointed trustee. GSNH is counsel for the trustee.
Prostar Manufacturing, an Okotoks, Alberta-based manufacturer of automated well servicing equipment for the oil and gas industry, filed for bankruptcy on June 30, listing $94.6 million in liabilities, including $43.0 million to ATB Financial. The company began to experience financial difficulties as a result of the downturn in oil and natural gas pricing and its financial difficulties were exacerbated by the recent COVID-19 pandemic. Grant Thornton is the bankruptcy trustee.
Newgen Restaurant Services Inc. (formerly operating as Tucker’s Marketplace and Smith Bros. Steakhouse Tavern), a Toronto, Ontario-based business with a chain of three buffet restaurants, filed for bankruptcy on June 26. In its notice to customers, the company advised that there is not a profitable path forward with the business in light of the COVID-19 pandemic and uncertainty over reopening. RSM Canada is the bankruptcy trustee.
HyperBlock (CSE:HYPR), a Toronto, Ontario-based company that operated one of the largest cryptocurrency mines in North America, filed for bankruptcy on May 19, listing approximately $10.4 million in liabilities, including approximately $5.0 million to Project Spokane and $2.8 million to Sean Walsh. On May 14, the company's electricity provider terminated its long-term power contract with the company. This termination, combined with the impact of the recent Bitcoin algorithm halving which cut the company's mining rewards in half, and the company's generally deteriorating working capital position, made it unable and uneconomical to continue operations. Crowe Soberman is the bankruptcy trustee.