Amherst Daily News
SPRINGHILL – The Bargain! Shop Holdings, TBS Stores Inc. and TBS Acquireeci Inc. are undergoing court supervised restructuring after receiving protection from the Ontario Supreme Court, under the Companies Creditors Arrangement Act.
The CCAA proceedings will provide time to develop a strategic plan to ensure the long-term success and financial stability of The Bargain! Shop, the company announced on its website, but what that means to the local storefront here in Springhill is uncertain.
Store manager Edna Strong could not provide comment, and the media contact number provided offers callers the opportunity to leave a message and expect a response within five business days. But, as reported by the Truro Daily News, as many as 64 storefronts could be closed, and speculation is The Bargain! Shop in Truro will become one of the casualties. Information on the company’s website states that The Bargain! Shop holdings were granted protection last month from its creditors by the Supreme Court of Ontario under the Companies’ Creditors Arrangement Act (CCAA) in Canada. Although the protection is for an initial period ending March 28, the order states that it can be extended as required and approved by the court. The order states that under CCAA protection, all proceedings on the part of The Bargain! Shop’s creditors are stayed, while it restructures its business and financial affairs.
According to its website, The Bargain! Shop has 230 stores across Canada and more than 2,500 employees.