Quebec-based Sail Outdoors Inc. files for bankruptcy protection to restructure operations
|CTVnews 02 Jun 2020 at 14:32|
MONTREAL -- Popular hunting, camping, and sports companySail Outdoors Inc. will be restructuring its operations in response to challenges posed by the COVID-19 pandemic and has filed for bankruptcy protection to do so, owners announced on Tuesday.
In a press release, theQuebec-based company s CEO Norman Dcarie said the retail industry has been transforming because of an increase in online sails and competition.
"Unfortunately, the consequences of the pandemic, such as the closure of stores for two months, have added further pressure on our cash flow and financial health, Dcarie said. This situation is forcing us to make major decisions to ensure the company s sustainability.
The brands SAIL and Sportium stores across Ontario and Quebec will operate normally, in line with public health measures in both provinces.
This strategic decision is the best way to refocus and put our operations on a more solid footing, Dcarie said.