I like shopping at Miniso.
The company has a store in Burnaby next to Simon Fraser University. It’s filled with gadgets and funky stuff.
But that might be in doubt as the parent company struggles with its financial situation.
The Canadian operations of Chinese discount retailer Miniso have secured creditor protection through an order of the Supreme Court of British Columbia. The application for bankruptcy protection of the Canadian franchise operations was initiated by several parent-company entities collectively referred to as Miniso Group.
Miniso Canada operates 67 stores in B.C., Alberta, Ontario, Quebec, Nova Scotia, and the Northwest Territories, which it says will continue to serve customers as usual.
The court order allows Miniso Canada to obtain up to $2 million in financing from the Miniso Group, as the two entities work to complete the restructuring of the Canadian operations.
The company entered the Canadian market in 2017 with a stated goal of opening 500 locations within three years, but has not announced a new store opening on its website since last November.
The parent company filed an application last December seeking to begin bankruptcy proceedings for the brand's Canadian business, accusing the Canadian franchisee of failing to meet liabilities among other issues, before the two sides reached an interim settlement in January.
- With files from the Canadian Press