After decades of serving customers in Coquitlam, fashion giant Le Chateau will be closing down in the city.
Le Chateau Inc. is seeking court protection from creditors to allow it to liquidate its assets and close its stores, including the one at Coquitlam Centre.
The Montreal-based company said Friday that it has spent much of the COVID-19 pandemic trying to refinance or sell the business to a third party that would keep it in operation, but was unsuccessful.
"It’s already evident impact on consumer demand for Le Chateau's holiday party and occasion wear, which represents the core of our offering, has diminished Le Chateau's ability to pursue its activities," the company said. "Regrettably, these circumstances leave the company with no option other than to commence the liquidation process."
This follows a long list of retail store closures in Coquitlam.
Reitmans Canada Ltd., Aldo Group Inc., DavidsTea Inc., are among the dozens of retailers that have all filed for CCAA and closed down stores.
Thyme Maternity and Addition Elle shut their outlets.
Other stores that have disappeared include Microsoft, Frank and Oak and Pink.
Le Chateau said it intends to remain fully operational as it liquidates its 123 stores, but the eventual closures will mean the end of about 1,400 jobs — 500 at its head office and 900 at stores.
-With files from the Canadian Press