August 9, 2022
Thomas' Fine Furniture Inc., which operated a Mississauga, Ontario based cabinetry manufacturing business, filed an assignment in bankruptcy on September 8. Sales have been on a decline for the past four years due to changing customer demands away from custom, high-end furniture. Since the outset of the Covid-19 pandemic, the company has also struggled with staff shortages, and its workforce was cut in half (from 6 to 3). Finally, the cost of its leased premises doubled in 2022. The company was no longer able to cash flow operations and was forced to shut down in August, 2022. MNP is the bankruptcy trustee.
By Dina Milivojevic