Top Canadian fishing tackle retailer files for bankruptcy
Article Media Click images to enlarge +
One of Canada’s leading suppliers of fishing tackle has filed for bankruptcy in a bid to restructure the business.
Sail Outdoors, which has 14 branded stores and four Sportium outlets, said in a statement that it filed for protection under the Bankruptcy and Insolvency Act as part of its plan to get the business back on track.
CEO Norman Decarie says store closures and other consequences of the COVID-19 pandemic have put more pressure on the company’s cashflow.
He added that the situation forced Sail to make ‘major’ decisions to ensure the company’s sustainability. The filing will allow it to get support while it implements a plan aimed at restoring its financial health and better responding to the retail environment.
Sail employs nearly 1,800 people and its stores are currently open in accordance with public health guidelines.