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Frank and Oak is Planning to File for Creditor Protection

Frank and Oak is Planning to File for Creditor Protection

By Ambia Staley

Clothing retailer, Frank and Oak is the latest in a long list of retailers struggling due to the COVID-19 pandemic, as its parent company, Modasuite Inc. has reportedly filed a notice of intention to file a proposal under the Bankruptcy and Insolvency Act.

According to a report in Le Journal de Québec, the company has racked up debt that amounts to $19 million. In a statement made in French to La Presse, Co-Founder Hicham Ratnani said that, "like many brands and retailers, Frank and Oak was badly affected by the COVID-19 pandemic and therefore had to make the difficult decision to file a notice of intention [...]"

Frank and Oak was launched in 2012 as an online brand, and the company plans to restructure its activities and focus efforts on strengthening their e-commerce operations.

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