Laura's Shoppe (P.V.) Inc. Announces Commencement of Restructuring Process

MONTREAL, July 31, 2020 /CNW Telbec/ - Laura's Shoppe (P.V.) Inc. ("Laura") announced today that it requested and was granted an Initial Order pursuant to the Companies' Creditors Arrangement Act ("CCAA") by the Superior Court of Quebec. The proceedings under the CCAA will afford Laura an orderly mechanism to restructure its debts and successfully face the unprecedented challenges to the retail industry caused by the COVID-19 pandemic. Among other matters, the Initial Order provides for a stay of proceedings and the appointment of KPMG Inc. as Monitor. Laura intends to exit from the CCAA proceedings as quickly as possible, with a view to better positioning the company for continued success in the evolving retail landscape.

Laura's Operations to Continue Uninterrupted in Stores and Online

During the restructuring process, Laura will operate its business as usual, with the added safety measures that have already been implemented, and will continue to offer the same positive shopping experience that its customers appreciate.  

Kalman Fisher, the President and CEO of Laura, said: "Prior to the arrival of the pandemic in Canada, Laura's business was very successful and profitable. However, because of this health crisis, our 140 stores were closed for the better part of the months of March, April, May and June, severely impacting our revenues during that period. Laura's stores have now fully reopened, stocked with fresh merchandise and continuous new arrivals, and we are confident that we are well placed to meet the fashion needs of our many devoted and loyal customers. We are inspired by the dedication and commitment of our people in these trying times, as well as by the many strong relationships we've maintained with our vendors and key stakeholders. We have been in business for 90 years, and with the energy and passion of our entire team, we are confident that the company will emerge from the CCAA process even stronger and more resilient than before."

The Initial Order and CCAA proceedings will be posted on the Monitor's website in the coming days, at home.kpmg/ca/laura. Laura is represented in these proceedings by Fishman Flanz Meland Paquin LLP.

About Laura

Proudly Canadian, and based in Quebec, Laura designs, produces, markets and distributes ladies' day and eveningwear fashion collections under the iconic "Laura" and "Melanie Lyne" banners in 140 stores across the country and online at laura.ca and melanielyne.ca.

SOURCE Fishman Flanz Meland Paquin LLP