Thursday May 7th 2020 will be remembered as Dark Thursday as the Corona Virus Lockdown toppled major fashion retailers into bankruptcy. The Canadian based Aldo Footwear & Accessory fashion chain filed for bankruptcy protection in Canada and the U.S. citing financial hardship due to the Covid-19 pandemic, and claiming Aldo as it’s latest victim.
After being forced to close all of it’s 3,000 stores amid the pandemic shutdown, and the Montreal-based company employs about 8,000 workers globally. Aldo Group Inc. filed for protection from the Creditors Arrangement Act in Canada and is looking to do the same in U.S. and Switzerland.
Aldo Group Inc. laid off 270 employees at the Montreal corporate headquarters as it start’s the process of restructuring it’s business model.