As Canadian footwear retailer Aldo undergoes corporate restructuring after facing the financial impact of the COVID-19 pandemic, its British branch has been sold off to an investment group.
The Montreal-based company, which has approximately 3,000 locations in over 100 countries and also operates Call It Spring and Globo, announced on May 7 that it sought and obtained creditor protection in Quebec.
The company also applied for similar protection in the U.S. and Switzerland.
CEO David Bensadoun had stated in a news release on May 7 that the pandemic strained their cash flow and business when it was already facing challenges due to rapid changes in the retail industry.
In Metro Vancouver, the company, which was founded in 1972, is closing its Lougheed Town Centre location in Burnaby, while keeping its Metrotown location open. The Georgia Straight has contacted Aldo to find out if any other locations in the Lower Mainland will be shut down.
The Bushell Investment Group, based in Birmingham, England, stated today in a news release that it has acquired Aldo U.K. The Bushell Investment Group have bought or sold over 40 businesses since being founded in 1997.
The U.K. division of Aldo fell into administration in May.
The British arm of the international company has 150 employees, and the Bushell Investment Group, whose portfolio includes hair salon brands, stated that it plans to add 50 more positions in the coming year.