Housewares battle pushes Bowring, Bombay into bankruptcy protection
A trio of housewares chains owned by a prominent Canadian retailing family has gone into bankruptcy protection, adding to a growing array of domestic stores that are faltering in the face of pressures from foreign powerhouses and online players.
Bombay & Co. Inc., Bowring & Co. Inc. and Benix & Co. Inc., owned by a member of the Isaac Benitah family that also owns Fairweather, International Clothiers and other chains, received court protection from creditors last week, owing $86.6-million, according to court documents. Almost half of the debts – $39.5 million – is owed to companies tied to brothers Isaac and Fred Benitah as secured creditors, the filings say.
Bombay & Co., Inc. operates 52 stores across Canada and offers large furniture, small, occasional furniture, wall decor and home accessories. In true Bombay tradition many styles are still flat packed and require assembly.
Source: The Globe and Mail