News Summary

Montréal-based online fashion retailer Ssense has been granted a temporary stay of proceedings, offering protection from its creditors as it seeks to prevent a court-supervised sale. This development follows the filing by Ssense’s creditors, including major banks like the Bank of Montreal and JPMorgan Chase, under Canada’s Companies’ Creditors Arrangement Act (CCAA). The creditors are pushing for a swift sale due to Ssense’s financial difficulties, as the company owes approximately $145 million. Ssense is contesting this move and plans to file its own application under CCAA to safeguard its assets and intellectual property. Founded in 2003 by the Atallah brothers, Ssense specializes in high-end fashion and has faced financial strain due to changing trade policies and economic uncertainties. As of June 30, the company reported liabilities of $517 million against assets of $420 million.