Major Québec retailer files NOI

Québec-based retailer Boutique le Pentagone Inc. filed an NOI on December 16. Pentagone operates 42 clothing boutiques across Québec, many of which are outside major urban centres. The difficult retail market and the lingering impact of COVID left the company unable to continue status quo operations on a sustainable basis. The proceedings are aimed at providing Pentagone with the breathing room it requires to implement a turnaround plan and present a proposal to creditors. Richter is the proposal trustee. Counsel is Fasken for the company and BLG for BMO, the senior lender.