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Clothing retailer Laura files for creditor protection, plans to restructure

A still of the Laura website on Wednesday, August 5, 2015. Laura

MONTREAL – Canadian retailer Laura’s Shoppe Inc. has filed for creditor protection as part of an effort to ensure its survival.

The owner of 150 women’s clothing stores, under various Laura banners and Melanie Lyne, said it faced large losses in both 2012 and 2013.

READ MORE: Mexx latest fashion retailer to file for bankruptcy protection in Canada, abroad

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The company blamed its weakened financial state on changes made to its merchandise lines that didn’t resonate with customers.

Laura said that while sales have since rebounded, more needs to be done to turn around its business.

READ MORE: Jacob to close all stores; liquidating merchandise

It said various steps are being considered, including the closure of under-performing stores.

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Laura is just the latest in a number of Canadian retailers who have been slammed with financial problems in recent months.

READ MORE: La Vie en Rose to buy insolvent swimwear retailer Bikini Village

Other popular clothing names like Jacob, Bikini Village and Mexx Canada have faced severe financial problems or bankruptcy.

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