GREENBERG DECLARES BANKRUPTCY
By Adnews Staff
Greenberg Stores Ltd. of Montreal has voluntarily placed its 169-store retail chain into bankruptcy after its parent company, Gendis Inc. of Winnipeg, said it will withdraw financial support. Greenberg is a family clothing chain with stores in Quebec and the Maritimes. SAAN Stores of Winnipeg, which is also owned by Gendis, will buy 89 of the Greenberg stores. SAAN already operates 253 family clothing stores in Ontario and Western Canada. The move gives SAAN nationwide coverage. Greenberg will close in about three months after the chain liquidates its merchandise. Gendis decided to withdraw financial support for Greenberg because the chain has been losing money for four years. Advertising for Greenberg is done in-house. Gendis is also the parent company of family clothing stores operating under the Metropolitan, Met, MetMart, and Red Apple/Pomme Rouge banners.