Canadian Clothing Retailer Jacob to Close Stores and Liquidate Inventory
Posted on May 7, 2014Canadian clothing retailer Jacob is closing its stores and liquidating inventory. Reuters reports that Boutique Jacob is liquidating after failing to find a buyer. The company runs 92 stores under the names Jacob, Jacob Outlet and Jacob Liquidation.
CBC.ca reports that the company employes 1,000 people. The company blamed its financial troubles on the difficult economic environment combined with the arrival of international competitors in Canada.
Joey Basmaji, President and Founder of Boutique Jacob Inc., says in a statement, "Although we did not achieve the desired result, I am proud of the passion and dedication that the JACOB team showcased over these past few years while trying to bring the company back to financial health. I would like to sincerely thank each employee and business partner that contributed to our success during these 35 wonderful years. I hope that the remaining Canadian retailers will get through these difficult economic times."