Montréal-based online fashion retailer Ssense said it would file for protection from creditors to “safeguard” the company from a potential sale by its lenders.

“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.”

This comes after the e-retailer’s primary lender filed to place Ssense under protection of the Companies’ Creditors Arrangement Act (CCAA) without its consent, the company said in a statement to BetaKit. The CCAA Act allows large companies owing more than $5 million to restructure under court supervision.

Ssense spokesperson Olive Leatherwood said the company had been working “tirelessly and in good faith” with its lenders to restructure the business as it navigated economic headwi

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