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Shoe Chain Aldo Seeks Bankruptcy Protection to Trim Debt
- Company files in Canada and is seeking protection in U.S.
- Retailer struggled with new competition from casual footwear
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Footwear retailer Aldo Group Inc. began a court restructuring process Thursday after the pandemic shuttered stores and worsened the company’s already-struggling business.
The Montreal-based company operates about 3,000 stores and employs 8,000 people worldwide. It requested court protection through the Companies’ Creditors Arrangement Act in Canada, is seeking similar protection in the U.S. and is about to do the same in Switzerland, Aldo said in a statement. Ernst & Young Inc. was appointed as the monitor in the Canadian proceedings.