October 10, 2020
Swimco Aquatic Supplies Ltd. and Swimco Partnership (collectively, the "Swimco Group"), a Calgary, Alberta-based swimwear and clothing retailer, was deemed bankrupt on October 10 after the companies failed to make a viable proposal to their creditors. The Swimco Group lists approximately $8.8 million in liabilities, including $1.2 million to Steve Forseth Enterprises. During the mandated closures, the Swimco Group's only source of revenue was from its online sales. However, that revenue was insufficient to pay ongoing lease obligations or to service Swimco Group's long-term debt. Despite re-opening its stores in late May, sales revenues have not returned to their normal levels and the Swimco Group became unable to meet its payment obligations to various creditors. Deloitte is the proposal trustee. Counsel is Field Law for Swimco Group and Cassels for the proposal trustee.