The company's SAIL and Sportium stores and online sites continue to operate normally
LAVAL, QC, June 2, 2020 /CNW Telbec/ - SAIL Outdoors Inc., one of Canada's leading retailers, is implementing a restructuring process aimed at repositioning the company in a demanding business environment whose challenges have been accentuated by the COVID-19 crisis.
"For several years now, the retail industry has been undergoing a major transformation characterized, among other things, by an increase in online sales and heightened competition," explains Norman Décarie, President and Chief Executive Officer of SAIL Outdoors Inc. "Unfortunately, the consequences of the pandemic, such as the closure of stores for two months, have added further pressure on our cash flow and financial health. This situation is forcing us to make major decisions to ensure the company's sustainability."
As a result, the company has decided to file for protection under the Bankruptcy and Insolvency Act. This will allow it to obtain necessary support during the implementation of its restructuring plan, which will enable it to better respond to the evolution of the retail business and restore its financial health.
"This strategic decision is the best way to refocus and put our operations on a more solid footing. Our 100% e-commerce dedicated distribution centre, inaugurated last November, demonstrates our commitment to continue to innovate and evolve the company in line with the market and consumer needs." added Mr. Décarie.
The company continues to operate normally. Its SAIL and Sportium stores are open in accordance with Québec and Ontario public health guidelines. The transactional sites, sail.ca and sportium.ca, are also continuing to handle online orders from consumers.
About Sail Outdoors Inc.
A Québec company founded more than 40 years ago, SAIL Outdoors Inc. employs nearly 1,800 people at its head office in Laval and in its stores in Québec and Ontario. SAIL Outdoors Inc. operates 14 stores under the SAIL banner, including eight in Québec and six in Ontario. The company also owns the Sportium banner, which has four stores in Saint-Hubert, Laval, Kirkland and Québec City.
SOURCE SAIL Outdoors Inc.
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