Court docket paperwork present the low cost electronics and residential items retailer needed to shut its 14 shops within the province as a result of it has discovered the enterprise is “not viable.”
Low cost retailer says enterprise is ‘not viable’
An Ontario court docket has given Manufacturing unit Direct permission to liquidate its shops because it begins winding down the enterprise.
Court docket paperwork present the low cost electronics and residential items retailer needed to shut its 14 shops within the province as a result of it has discovered the enterprise is “not viable.”
Manufacturing unit Direct says it has skilled declining gross sales and elevated prices that led to working losses of about $1.7 million within the 11-month interval that ended Nov. 30.
The Vaughan, Ont.-based retailer says inflation has resulted in falling demand for its merchandise, which embrace many non-essential items like televisions.
It additionally notes that it has seen elevated competitors as extra on-line marketplaces and wholesalers launch direct-to-consumer companies.
Manufacturing unit Direct, which was based in 1995, has about 200 staff who might be terminated as enterprise operations wind down.
