CONSUMERS TO CLOSE AT LEAST 70 STORES
By Adnews Staff
Consumers Distributing Inc. of Mississauga, Ont. is closing at least 70 of its stores across Canada to save the company from bankruptcy. The retailer filed for protection from creditors this week, and has until Nov. 15 to file a reorganization plan under the Companies' Creditors Arrangement Act. Advertising for Consumers is done by Enterprise Advertising of Toronto. Consumers' total debt is about $250 million. The chain has not paid for goods that were delivered four months ago. The court-appointed monitor for for Consumers is Richter & Partners of Toronto. Earlier this year, Consumers said it was going to open five new stores, one each in Quebec, Ontario, Saskatchewan, Alberta and B.C. Consumers has 220 stores across Canada.