LEWISCRAFT GRANTED PROTECTION FROM CREDITORS
By Adnews Staff
Privately-held arts supply chain Lewiscraft of Toronto obtained court protection from its creditors last week. The 62-store national chain says it is a victim of a long recession and the invasion of big box retailers from the U.S. A restructuring plan will be proposed to creditors by Nov. 15. Toronto Dominion Bank is owed about $4 million, which holds security of $3.3 million. Lewiscraft also owes about $3 million to suppliers, $4 million to shareholder Westock Partners, almost $145,000 to partner Edward Black and almost $72,000 to shareholder Gordon Lewis. The three shareholders have owned the chain since last year, when they bought it from Lewis' father. The chain was founded by Lewis' grandfather, Ed Lewis, in 1913. It was originally a distributor for tanning and shoe component companies. In the 1930s, Lewiscraft Supplies was formed to sell leather and craft supplies. Advertising for Lewiscraft is done by freelancer John Wiltshire.