Popular International Retailer Comments on Bankruptcy Reports
Yesterday, news broke that a popular international company that only recently entered the Canadian market was filing for bankruptcy in the country.
Now, Miniso Canada, a Japanese lifestyle brand that’s headquartered in China, appears to be denying the bankruptcy news that was reported on by Retail Insider.
According to the earlier Retail Insider report, Miniso Canada is filing for bankruptcy of the Canadian division.
The report indicated the company claimed that the Canadian division had been fraudulent in its business dealings by transferring and hiding assets. Documents outlined by Retail Insider indicated the parent company is claiming debts owed in excess of $20 million, and has retained a law firm to proceed with the application for bankruptcy that will be heard next month.
According to the article, sources also said that the Canadian division has demonstrated a “pattern of unethical behaviour”, and more speculate that the parent company is pulling out because of the recent arrest of the daughter of the founder of Chinese tech giant Huawei.
In a recent Instagram post, Miniso disputed the report said a preliminary agreement has been reached.
“Miniso Canada notes several articles in the news media discussing the bankruptcy application against Miniso Canada by Miniso China received December 12, 2018,” the post reads.
“These reports contain information that is either inaccurate or not true.”
In the post, the company says that Miniso Canada and Miniso China reached a preliminary agreement on Dec. 13 to “settle their business issues.” It says the divisions are currently in the process of finalizing the details and that Miniso Canada will continue to serve Canadian consumers.
Miniso currently operates locations in Square One and Erin Mills Town Centre in Mississauga. It also operates stores in Bramalea City Centre, Yorkdale, and the Eaton Centre. The brand also has plans to open a store in Oakville Place.
They opened their first Canadian store in Vancouver in the spring of 2017, and it now operates 48 stores in the provinces of British Columbia, Alberta, Ontario, Quebec and Nova Scotia.
Miniso styles itself as a ‘Japanese lifestyle brand’ although it is headquartered in China, and its branding and stores copy elements from retailers such as Uniqlo and Muji.
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