Danier Leather files for insolvency - leatherbiz: Leading news site fo Leatherbiz

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Danier Leather files for insolvency

08/02/2016
Canadian retailer Danier Leather has filed for insolvency following its ‘toughest year’.

Revenues declined 11% to $126 million and net losses totalled $19.9 million in 2015, but CEO Jeffery Wortsman had said he was confident turnaround plan.
 
The company is now seeking a buyer after admitting it foresees further losses this year.

It said in a statement: “It is important to note that the company is not bankrupt. It has sufficient resources to fund its operations and its stores will remain open for business during that time, subject to any restructuring steps that the company may take during the process.

Related stories:

Danier Leather looks back on ‘toughest year’ 22/09/2015
Chief finance officer leaves Danier Leather 29/07/2015
Danier Leather to explore sale options after ‘disappointing’ results 11/02/2015
Management shake-up for Danier as sales fall 10% 14/08/2014
‘Disappointing’ revenue dip at Danier Leather 24/04/2014
Bad weather kept customers away, says Danier Leather 03/02/2014
High-end leathergoods boost Danier's figures 24/10/2013
Danier Leather to focus on accessories as sales dip 15/08/2013
Warmer weather impacts Danier sales 16/08/2012

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