In November 2024, Stokes obtained creditor protection and initiated proceedings under the Companies’ Creditors Arrangement Act. Given the company’s financial difficulties, Stokes set out to restructure its operations by notably closing 45 out of 95 stores throughout the country.
Nonetheless, the Company received two unsolicited offers to purchase on December 18, 2024, which led to an expedited sale and investment solicitation process. By December 23, 2024, Stokes had obtained court approval and closed the transaction. Overall, the transaction resulted in the continued operations of 75 stores (out of 95), the survival of a local brand which has been a staple in Canadian households for decades and preserved approximately 680 jobs across the country.
Stokes is a leading Canadian business founded 1935, and the go-to retailer of kitchenware, tableware and décor items, with significant brand presence across Canada.
Osler, Hoskin & Harcourt LLP advised Stokes consisted of Sandra Abitan, Ilia Kravtsov and Jack M. Little.
Key Contact
Montreal Managing Partner, Montréal
Team
Associate, Insolvency and Restructuring | Disputes, Montréal
Associate, Insolvency and Restructuring, Montréal
