On June 22, 2020, Modasuite Inc., doing business as Frank and Oak, filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act. The NOI lists approximately $19 million in liabilities, including $6 million to Desjardins. While under creditor protection, the company intends to restructure its business and strengthen the company’s growing e-commerce operation.
Modasuite Inc. is a Montreal based retailer specializing in men’s and women’s clothing. Originally founded as e-commerce startup, it has 19 physical locations across Canada.
Osler, Hoskin & Harcourt LLP advises Frank and Oak with a team consisting of Sandra Abitan, Julien Morissette and Ilia Kravtsov (Insolvency and Restructuring), with assistance from Marisa Corona (Corporate).