WHITE ROSE KEEPS CREDITORS AT ARM'S LENGTH
By Adnews Staff
White Rose Crafts & Nursery Sales of Markham, Ont. can keep its creditors at bay until Dec. 28 when it will announce a restructuring plan. The company has obtained an Order of the Ontario Court of Justice under the Companies' Creditors Arrangement Act. The order allows the craft and nursery retailer to make payments to suppliers and others for goods and services as well as to landlords. All of White Rose's 42 stores will remain open while the company makes financial and operational reforms to make the retailer profitable again. White Rose announced at the end of October that it was planning to review its strategic direction to improve its profitability. White Rose has been suffering because of increased competition from such retailers as Michael's, and Wal-Mart on the craft side. On the nursery side, its competitors are small independent nurseries, as well as grocery stores and hardware stores with nursery components such as Home Depot. Advertising for White Rose is handled in-house. The company operates locations in Ontario and Quebec. In addition, it owns two Ontario farms in Sandoon and Wellington.