LEWISCRAFT SURVIVES BANKRUPTCY
By Adnews Staff
Toronto-based Lewiscraft Inc. was purchased by a new Canadian-owned company this week. The move allows the business to reorganize its operations after being forced into bankruptcy by Toronto Dominion Bank, one of its creditors. The new company is owned by Lewiscraft's previous majority shareholder, Westock Partners Inc. Westock is an investment firm managed by John Wilcox, who is also chairman of Lewiscraft. Lewiscraft had owed about $9 million to creditors. Of that total, about $4 million was owed to the TD Bank and another $4 million was owed to Westock Partners Inc. Lewiscraft is an 83-year-old arts and crafts retailer with 63 stores across Canada. Freelancer John Wiltshire handles Lewiscraft's ads.
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