HockeyShot Inc., a Mississauga, Ontario-based online specialty retailer of hockey training equipment, was placed in receivership on January 6, on application by Pivot Financial I Limited Partnership, owed approximately USD $1.1 million and CDN $2.5 million. After suffering operating losses and liquidity issues in 2021, the company engaged Welch Capital Partners to assist it to find a potential investor or buyer. These efforts were unsuccessful, and Pivot declared the entire amount of the loan due and payable on December 17. PwC was appointed receiver. Counsel is Chaitons for Pivot, Torkin Manes for the company and DLA Piper for the receiver.
YA-SEEN 19 ENTERPRISES INC. o/a Buck or Two Plus!, a Mississauga, Ontario-based franchised retail dollar store, filed an NOI on November 19, listing $180,000 in secured liabilities and $272,000 in unsecured liabilities. The COVID-19 pandemic and competition from a nearby rival dollar store resulted in reduced revenue and constricted cash flows. As a result, the company found itself unable to purchase inventory and fell into arrears for occupation rent with its landlord. BDO is the proposal trustee. Counsel is Keyser Mason Ball for the company.
6106234 Manitoba Ltd. (o/a The Pas Home Hardware), a hardware store located in The Pas, Manitoba, was placed in receivership on October 29 on application by RBC, owed approximately $1.2 million. RBC has been providing credit to the company since 2013. In 2020, the company began experiencing financial difficulties and defaulted on its obligations to RBC. The parties entered into a forbearance agreement that was subsequently extended on two occasions, such that the agreement expired on August 31, 2021. In September, the company advised RBC that it was unwilling to enter into a further extension. In early October, the company ceased all business operations and closed the doors to the store. Deloitte was appointed receiver. Counsel is Taylor McCaffrey for RBC.
The Bridal House, an Edmonton, Alberta-based bridal boutique, filed an assignment in bankruptcy on September 10. In a message on its website, the company, which had served Edmonton area brides for 27 years, cited the onset of the COVID-19 pandemic, the shutdown of non-essential businesses and limited retail capacity as the reasons for its filing. Faber is the bankruptcy trustee.
Ben & Tournesol Ltée, Westmount, Quebec-based gift shop, filed an NOI on September 9, listing approximately $300,000 in liabilities. MNP is the proposal trustee.
The Mustard Seed Co-operative Grocery Inc., a Hamilton, Ontario-based member-owned, not-for-profit grocery store that focuses on locally-grown produce, filed for bankruptcy on August 30, listing approximately $64.9 thousand in assets and $416.1 thousand in liabilities. Due to declining sales, the co-op has been unable to pay its food suppliers in a timely fashion. Prior to the bankruptcy, the co-op asked its members to give $400 each to pay off the amounts it owes to suppliers, but the process was unsuccessful. BDO is the bankruptcy trustee.
Trend Savvy Inc., a Montreal, Quebec-based retailer of designer brand clothing and sunglasses, filed for bankruptcy on August 18, listing approximately $2 thousand in assets and $2.1 million in liabilities, including $380 thousand to Investissement Quebec, $335 thousand to BDC, and $250 thousand to CIBC. Richter is the bankruptcy trustee.
MO Boutique, a Lévis, Quebec-based clothing boutique, filed for bankruptcy on July 29, listing approximately $23.5 thousand in assets and $491 thousand in liabilities, including $89.6 thousand to BDC and $70 thousand to Desjardins. Mallette is the bankruptcy trustee.
2104678 Ontario Inc. (aka Yorkdale Hardwood Flooring Centre), a Toronto, Ontario-based wholesaler and retailer of flooring and hardware supplies, filed for bankruptcy on May 27, listing approximately $531.8 thousand in liabilities and $177 thousand in assets. The company attributes its insolvency to two main factors: (1) a reduced customer base during the COVID-19 pandemic, resulting in an inability to pay vendors; and (2) uncertainty of being able to extend its lease past the expiry on June 2021 given that the building is up for sale. Farber is the bankruptcy trustee.
1465770 Alberta Ltd. o/a Westlake Husky, a Lloydminster, Alberta-based company that operates a gas station and convenience store, was placed in receivership on March 24 on application by RBC, owed approximately $1.2 million. EY was appointed receiver. Counsel is Dentons for RBC and DLA Piper for the receiver.