Bargain Shop to go bust?

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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.

Organizations: Daily News, Supreme Court, TBS Stores TBS Acquireeci

Geographic location: Canada, Truro, Ontario

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Recent comments

  • Jackie Barrett - Former Haligonian Living In Corner Brook Area
    April 08, 2013 - 21:03

    Just learned that The Bargain! Shop in Corner Brook are also closing its doors. Since Corner Brook has extremely limited high quality shopping opportunities at this time, losing this discount store will be a big blow to the city. Secondly, now that Walmart is the only major department and discount store in the Corner Brook Area at this time, this lack of choice could be devastating to the city. Even though Corner Brook does have a Rossy store, their merchandise is not very good and shopping experience is terrible compared to the high quality and low priced goods Giant Tiger provides. Time to bring in the Giant Tiger, especially in Western Newfoundland.

  • Colin Martin
    March 07, 2013 - 17:55

    The Bargain Store in Springhill is a necessity and a great store to shop in. I hope many people express simular feelings

  • steve martin
    March 07, 2013 - 13:40

    That is very sad news. This store is a very importat fixture in many small communities in canada. Many people that shop in those stores have no means of transportation and if these stores close there will be many people that will have to pay a lot of money to shop in larger communities. The children will suffer because a lot of the money the parents would spend on them would have to go on taxis or other means of transportation.