Bizou goes bankrupt and closes its 45 stores
Bizou had 45 stores in Quebec and New Brunswick.
After the sudden closure of its stores earlier this week and two days of radio silence, the management of the accessories and jewelry brand Bizou has officially announced its bankruptcy.
More than 40 years after its launch, the Beauce brand had a total of 45 stores in Quebec and New Brunswick. To the surprise of the employees, all were suddenly closed on Monday, we learned in an article from Radio-Canada.
In a press release issued this Friday, the brand confirms that the 45 stores will not reopen their doors since “Bizou International Inc. will officially file for bankruptcy in the coming days in accordance with the provisions of the Law on the Bankruptcy and Insolvency.”
To explain this decision, Bizou cites in particular the drop in traffic in shopping centers, the growing competition from online sales platforms and, of course, the difficulties encountered since the pandemic. “[The] closure of stores for several months, increased operating costs and challenges in sourcing merchandise added further pressure on the liquidity and financial health of the business, which was seen in the obligation to cease the operation of its store network”, can we read in a press release.
The family business also says it went through difficult times in 2022 with the sudden death of the brand's founder, Marcel Labrecque.
The 350 employees who worked for Bizou will receive compensation through the Government of Canada's Wage Earner Protection Program (WPP), the brand said. “We would like to personally thank all of Bizou's employees, customers and collaborators for the trust they have shown in us over all these years”, concludes Bizou's management in its press release.
