(Adds background, context)
TORONTO May 6 Boutique Jacob, a Canadian
women's fashion retailer that filed for creditor protection in
2010, is liquidating its inventory and closing its stores after
failing to find new financing or return to profitability, the
company said on Tuesday.
Jacob, whose stylish, business-casual fashion catered to
young professional women, said it was hurt by a challenging
economy in recent years combined with an influx of international
brands into Canada.
Canadian retailers have come under increasing pressure from
U.S. clothing retailers such Ann Taylor and J.Crew that have
been expanding north of the border.
Jacob, which exited bankruptcy protection after
restructuring in late 2011, said that this time it opting
instead to liquidate. The company declined to provide any
details on its debt or creditors.
The Montreal-based, privately owned family company began as
a single apparel store in Quebec in the 1960s, owned by Jacob
Basmaji. The first Jacob store opened in 1977 and the company's
Canada-wide expansion began in 1985 with the opening of its
first store in Toronto, Canada's largest city.
The company said it will liquidate inventory through its 92
Jacob, Jacob Outlet and Jacob Liquidation stores.
(Reporting by Solarina Ho and Euan Rocha; Editing by Leslie
Adler and Andre Grenon)