Canadian Retailer Aldo Emerges From Bankruptcy

Aldo, the Montreal-based footwear and fashion retailer, has emerged from bankruptcy.

The privately held company says it has completed the restructuring process it initiated in 2020 when it filed for protection from its creditors during nationwide COVID-19 shutdowns of its stores.

Aldo says it can now afford to pay its international and domestic creditors as outlined in its court approved restructuring plan.

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The company said in a news release that its restructuring marks the start of a new chapter. Aldo has stores in more than 100 countries and celebrates its 50th anniversary this year.

Pandemic closures and restrictions hurt Canadian retailers, forcing dozens to file for bankruptcy protection or cease operations altogether.