Aldo group has debts of more than 662 million $

Groupe Aldo a des dettes de plus de 662 millions $

The whole of the debts of the Aldo Group exceeding the 662 million $. The retailer montreal owes money to more than 2,500 organizations and companies in the world, according to documents of the trustee.

Last week, the brand specialized in footwear and fashion accessories is placed to protect itself from its creditors to initiate a major restructuring.

According to The Press, 325 of 725 corporate stores will close their doors. Approximately 300 jobs have recently been deleted at its head office in Montreal. The company has 3,000 points of sale in 100 countries.

The direction of the Aldo Group, which also owns Boutique Spring and Globo, has refused interview requests from the Journal for the last few days.

The amount of debt the retailer was not available, until now, in the public documents.

It should be noted that this is a preliminary list of creditors and that many of them have not yet registered their debt. Some companies, such as owners of shopping centres, will also appear several times in the documents.

The Aldo Group, which has offices in Canada, the United States and in Europe in particular needs to$ 40 Million to Investissement Québec (IQ), 95,65 M$ at the Bank of Montreal, 87,68$ M the Bank of nova Scotia, 75.3 M$ at Export development Canada and 57,79 M$ to the TD Bank.

Recall that in 2014, the company had received$ 50 Million of IQ, including$ 10 Million in the form of a grant, and a loan of$ 40 Million to support the realization of a project of modernization of 363 M$ at its head office.

Debts to the internal

The company has also several liabilities towards the owners of shopping centres. It must be over a million $ to Ivanhoe Cambridge for various stores in Canada.

In the documents, there are also some debts to the internal between the different divisions of the group. Aldo US must include$ 29.6 Million at Aldo Group inc. and$ 61.8 Million at Aldo Group International AG. Aldo Group inc. and Aldo US also need to 99.6 M$ at Southwest Capital Holding.

The Aldo Group had prior to restructuring more or less 8,000 employees in the world. It is the trustee Ernst & Young driver the folder.

The financial difficulties of the retailer does not date from yesterday. The company was already trying to regain its financial health before the COVID-19.

For the 12 months prior to February 2020, the company has posted a net loss to Canada of 170.3-in M$. On the side of the United States, the chasm was of 97.3 MILLION US$.

The fortune of founder Aldo Bensadoun, founder of Aldo Group, now stands at $ 1.3 billion, according to the magazine Forbes.

Some debts of the group

  • $ 40 Million to Investissement Québec
  • 95,65$ M at Bank of Montreal
  • 57,79 M$ to the TD Bank
  • 87,68 M$ at Scotiabank
  • 75.3 M$ at Export development Canada

Note : the amounts have been converted to canadian dollars. In the documents, they are in us dollars.

Source : Ernst & Young

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