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Canada – Jacob retail chain closing its 92 stores – 2,000 jobs gone

After years of financial struggles, the Jacob retail chain announced Tuesday it is closing its 92 Capture d’écran 2014-05-07 à 11.55.14stores across Canada. “It’s a very sad day for retail in Quebec,” said analyst Terry Henderson of J.C. Williams Group. “Joey Basmaji was an icon,’’ he said of the founder of the family-owned fashion chain.Stores will remain open for several weeks to liquidate inventory, the company said in a media release. It is making proposals to its creditors under the Bankruptcy and Insolvency Act.The company was not giving interviews Tuesday, Basmaji’s daughter, Cristelle, said in an email. Cristelle was in charge of marketing and communications for Jacob.

The chain, founded in 1977, sought creditor protection at the end of 2010, closing 50 stores, collapsing banners and restructuring.

Before it filed for protection, it employed 2,000 people across Canada.

Chosen excerpts by Job Market Monitor. Read the whole story at ‘A sad day for retail in Quebec’.

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