Ssense filed for bankruptcy protection on Thursday after its lenders allegedly made an attempt to force a sale of the company amid economic challenges caused by tariffs.
— the Canadian e-commerce retailer known for housing an assortment of luxury labels like Acne Studios and Burberry, emerging designers such as Chopova Lowena, and streetwear brands including Fear of God — has filed for the Canadian equivalent of bankruptcy protection,reported on Thursday.
In a statement to the Cut, a Ssense spokesperson said the decision was made after lenders attempted to force a sale of the company. “While we sought a collaborative path forward, our primary lender has chosen instead to place the company under CCAA protection and commence a sale process without our consent,” the spokesperson said. “We are deeply disappointed in this decision, which we believe does not serve the long-term interests of our 1,000+ employees, vendors, and partners.” The spokesperson said Ssense employees have worked “tirelessly and in good faith” with financing partners over the past few months to come up with a plan to restructure the business “in light of significant economic headwinds facing the retail sector,” including an executive order suspending the de minimis tax-exemption rule that goes into effect on Friday. “We will be filing our own CCAA application to safeguard the company, retain control of our assets and operations, and fight for the future of this business,” the spokesperson continued.it would pause some deliveries to the United States in response to the elimination of the de minimis tax-exemption rule. And in April, ultracheap Chinese e-commerce giantalso adjusted its prices at the time but has not yet responded to the latest change in U.S. customs regulations. “Our mission is more relevant than ever: to discover and champion emerging creative talent. With a loyal global customer base, strong brand recognition, and the resilience of a digital-first model, we believe in the fundamental strength of our business. This process will give us the time and stability we need to restructure on our terms, protect the interests of our employees and partners, and emerge stronger for the future,” added the spokesperson.My Once-in-a-Million-Years Love StoryMy Once-in-a-Million-Years Love StoryGucci Beauty Needs to Go Back to the Lab for Its Latest LaunchThe rapper can’t help but be charming and turn looks, even as she’s being sued for alleged assault.11:40 a.m.Who Is Lisa Cook, the Fed Governor Suing Trump? Attacking the first Black woman to serve on the board of the Federal Reserve is his latest attempt to consolidate power.What 16 Top Wedding Planners Would Do for Taylor Swift and Travis KelceSure, it’s cheaper to renovate your home yourself. But here’s what the DIY videos don’t show you.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Claire's, a mall staple for tweens, files for bankruptcyThe retailer, which filed for Chapter 11 bankruptcy protection in a federal court in Delaware Wednesday, has been dealing with several problems in recent years
Read more »
Claire's files for bankruptcy againThe mall-based jewelry chain estimates assets and liabilities between $1B and $10B in its Delaware court filing.
Read more »
Claire's files for 2nd bankruptcy amid online shopping surge and tariff challengesThe company filed for Chapter 11 bankruptcy protection in a federal court in Delaware.
Read more »
Claire's files for 2nd bankruptcy amid online shopping surge and tariff challengesThe company filed for Chapter 11 bankruptcy protection in a federal court in Delaware.
Read more »
Claire's files for bankruptcy again as teen retailer faces second collapse in seven yearsTeen retailer Claire's enters bankruptcy again as the jewelry and accessories chain faces mounting debt, tariff costs and changing consumer preferences.
Read more »
Claire's Files for Bankruptcy Protection for Second TimeStruggling mall retailer Claire's has filed for Chapter 11 bankruptcy protection, facing mounting debt and fierce competition from online retailers like Shein and Temu. This marks the company's second bankruptcy filing in seven years.
Read more »