April 18, 2018
Wicker Emporium, a Halifax, Nova Scotia-based importer and retailer of solid wood furniture and home decor, filed for protection under the CCAA on April 18, listing over $5.0MM in liabilities, including $865.0M to Accord Financial. The founder, Madan Kapahi, opened the first Wicker Emporium in 1972 to so that he could share treasures from his home country of India with his new friends in Nova Scotia. The company now operates 23 "brick-and-mortar" stores in Atlantic Canada and Ontario, as well as an online store. Due to changes in sale patterns in different locations, however, the company has experienced a recent decrease in profits from sales, particularly at stores located in more rural areas. As a result, the company has experienced difficulty in paying its suppliers, many of which are furniture manufacturers based in Asia. MNP was appointed monitor. Burchells is counsel to the company.