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Ottawa deal hunters will have one less place to shop in the coming months as popular discount retailer XS Cargo begins to liquidate inventory in preparation of closing.
The chain, which has 50 locations across the country, including one on Merivale Road, has been in bankruptcy protection since July. It referenced the entry of Target Stores into the Canadian market and intense pricing competition by other retailers as the reasons it has been unable to succeed.
The company announced it would now begin liquidating its inventory and prepare to close its doors for good in the coming weeks.
In July, XS Cargo had 650 employees, 195 of them full-time.
The company was founded in 1996 and is headquartered in Mississauga, Ont. XS Cargo built its business by buying from other distressed retailers or from bankruptcy sales and then selling those items at a discount to deal-hungry consumers.
Vpilieci@ottawacitizen.com
Twitter.com/vpilieci
查看原文...
The chain, which has 50 locations across the country, including one on Merivale Road, has been in bankruptcy protection since July. It referenced the entry of Target Stores into the Canadian market and intense pricing competition by other retailers as the reasons it has been unable to succeed.
The company announced it would now begin liquidating its inventory and prepare to close its doors for good in the coming weeks.
In July, XS Cargo had 650 employees, 195 of them full-time.
The company was founded in 1996 and is headquartered in Mississauga, Ont. XS Cargo built its business by buying from other distressed retailers or from bankruptcy sales and then selling those items at a discount to deal-hungry consumers.
Vpilieci@ottawacitizen.com
Twitter.com/vpilieci
查看原文...
