July 23, 2020
ANN Canada Inc., a Toronto, Ontario-based premium fashion speciality retailer of women's apparel sold under the Ann Taylor and LOFT brands, and Tween Brands Canada Stores Ltd., which sells apparel under the Justice brand, filed NOIs on July 23, respectively listing $8.6 million and $7.9 million in liabilities. Ascena Retail Group, which indirectly owns the two companies, has not been profitable for the last several years and reported a net loss of approximately $661.0 million (USD) for the fiscal year ended August 2019. The companies have also been severely impacted by the changing retail landscape and, more recently, by the COVID-19 pandemic and containment measures implemented by the US in the various jurisdictions in which they operate. Weeks before filing the NOIs, the companies solicited offers from various liquidators to proceed with a liquidation of their assets. PwC is the proposal trustee. Stikeman Elliott is counsel to the companies.