LONG troubled Canadian swimwear chain Bikini Village filed for creditor protection on 17 February, but, according to the Quebec local press, it expects to remain active as it attempts to restructure the business. Administrators PWC have between 30 days and six months to propose a plan for the company to meet its obligations. The chain has debts of CAD 6m and posted a loss of CAD 6.4m for fiscal 2014, following a loss of CAD 1.1m in the preceding year. Bikini Village Chairman Jocelyn Dumas told the Canadian press that the company needs a cash injection to help it return to profitability.
With 52 stores around the country, the chain is a leading Canadian distributor and a major importer of swimwear. In October 2014, we warned suppliers of potential risks due to the company’s poor performance.