The fond memories people shared about shopping at Le Chateau in Burnaby have faded away.
Now starts the big discounts at the outlet in Burnaby’s biggest mall, Metropolis at Metrotown.
The liquidation of Le Chateau is underway, with discounts of 20 to 40 per cent available at all 121 stores and online.
Le Chateau's 900 employees will continue to help customers during the liquidation at stores that will remain open as permitted by provincial and regional COVID-19 guidelines.
Gordon Brothers Canada and Merchant Retail Solutions, ULC have been retained to conduct the liquidation for the 60-year-old company that is winding down operations after obtaining creditor protection last month.
Le Chateau has spent much of the COVID-19 pandemic trying to refinance or sell its business to a third party that would keep it in operation, but the attempts were unsuccessful.
The retailer was started in the late 1950s by Herschel Segal, who went on to co-found DavidsTea Inc.
The clothing brand eventually became a mall staple and a hit with young shoppers in the 1980s and '90s before foreign retailers like H&M and Zara arrived.
The Montreal-based company said recently that it has spent much of the COVID-19 pandemic trying to refinance or sell the business to a third party that would keep it in operation, but was unsuccessful.
"It’s already evident impact on consumer demand for Le Chateau's holiday party and occasion wear, which represents the core of our offering, has diminished Le Chateau's ability to pursue its activities," the company said. "Regrettably, these circumstances leave the company with no option other than to commence the liquidation process."
Le Chateau has long been known for its affordable fashion offerings that appealed to a younger audience.
This follows a long list of retail store closures in Burnaby.
Reitmans Canada Ltd., Aldo Group Inc., DavidsTea Inc., are among the dozens of retailers that have all filed for CCAA and closed down stores in Burnaby.
Thyme Maternity and Addition Elle shut their South Burnaby outlets.
Other stores that have disappeared from Metropolis at Metrotown include Microsoft, Frank and Oak and Pink.
- With files from the Canadian Press
