This article is interesting because it reveals some of the events that led to La Cordée's debt:
https://www.lapresse.ca/affaires/entrep ... cordee.php
Some legal documents found on the trustees website (
https://mnpdebt.ca/en/corporate/corpora ... in-air-inc):
https://mnpdebt.ca/-/media/files/mnpdeb ... -delay.pdf
You can see how much each creditor had claimed here:
https://mnpdebt.ca/-/media/files/mnpdeb ... oposal.pdf
J: more than 10million$ of the 22,2m$ was owed to a Bank. A couple more million to the governement and employees, so they actually owed something like 10m$ to the various sports companies including North Face and all those big players, but also the small ones of course.
My take is LaCordee first started bying out competition (Yéti, La vie sportive), to remain, well competitive and profitable in a global sports goods economy that is getting more more difficult. Eventually, they fell into debt themselves, and the debt just got bigger, at some point they filed for CCAA as a last resort measure. They obviously had their stores and warehouses stocked, so in debt to all these manufacturers, but also employees, etc. When large (and small) businesses fall, it hurts all over, there may be no other way about it, unfortunately.
Here is what La vie sportive had to say about the sale to La Cordée in 2018:
https://ici.radio-canada.ca/nouvelle/10 ... ransaction
"Le propriétaire du magasin, Yves Jacques, explique que la concurrence est devenue très forte dans les boutiques spécialisées en sport et plein air.
Au fil des ans, le nombre de gros compétiteurs a bondi. Les amateurs exigent aussi de plus en plus de produits spécialisés, ce qui complique la gestion des marchandises, selon M. Jacques.
« Le gros problème que je vois dans l'industrie du sport, c'est qu'il y a beaucoup trop d'offres par rapport à la demande », indique-t-il."
In this end, it appears La Cordée (9424-2690 QUEBEC INC. ) was deemed bankrupt on September 16th 2020. I interpret The Banque Nationale du Canada had his 10m$ insured but not the other creditors. A couple weeks before, Groupe Mach (Capital) actually bought "La Cordée", not sure how that works out, but I presume they got a good deal. Not sure how that impacts those creditors.
https://mnpdebt.ca/-/media/files/mnpdeb ... oposal.pdf