Companies

Aldo Group completes restructuring process

Jul 19, 2022 Canada

The Canadian-based footwear and fashion accessories group announced that it successfully exited the restructuring process launched in May 2020 when it filed for credit protection amid the COVID-19 pandemic

As a result of the legal sanction of their plans of arrangement in Canada, the United States and Switzerland, the group is now in conditions of paying their creditors under the terms of such plans. Thus, Aldo informed that, as of late June, all Aldo Group International (AGI) Creditors have been paid, and payments to North American creditors will be done within the next few months.

"It is with great relief that we put this process behind us, and with excitement that we now look ahead. The work and restructuring we’ve done over the past two years have built us a solid foundation on which to grow, and we’re confident in what the future will bring. I want to take this opportunity to thank our associates, customers and partners for their support and trust during these unprecedented times”, commented David Bensadoun, Chief Executive Officer of Aldo Group.

While maintaining its activities during the restructuring process, the company initiated a transformation to solidify its financial model, optimize its operations by prioritizing profitability, and rally its teams and partners around a common updated vision to become leaner and more agile and flexible.

Image Credits: aldogroup.com

Canada Accessories Aldo Companies Fashion Footwear Restructuring