The Aldo Group has announced that it has “successfully” completed its restructuring process, a move it initiated in May 2020 when it filed for bankruptcy protection.
The Canadian footwear retail chain joined a number of retailers hit by the effects of the pandemic and its resulting store closures.
The group began its restructuring process in Canada and was seeking similar protection in the US and Switzerland in a bid to stabilise the company.
As part of the legal sanction in the three regions, the group has now paid all Aldo Group International creditors, with payments to North American creditors to be issued within the next few months.
A new chapter
In a release, Aldo said the news “marks the beginning of a new chapter” for the company, which is celebrating its 50th anniversary this year.
“It is with great relief that we put this process behind us, and with excitement that we now look ahead,” said David Bensadoun, CEO of Aldo Group. “The work and restructuring we’ve done over the past two years have built us a solid foundation on which to grow, and we’re confident in what the future will bring.”
While continuing its operations during the process, Aldo said it was able to carry out “major transformation to solidify its financial model”, optimising its operations through the prioritisation of profitability.
A court-appointed monitor from Ernst and Young Inc., Martin Rosenthal, commented: “These past two years have been marked by a close collaboration with the Aldo Group, which has shown great transparency and leadership throughout. I wish to congratulate the company on emerging successfully from this process, as well as its teams for their diligent work.”