News Summary

Frank And Oak, a Canadian clothing retailer known for its sustainable fashion, has announced the closure of all its stores and the sale of its brand following its second insolvency filing. The company, which started as an e-commerce startup and expanded into physical retail, is closing its 14 stores across Quebec, Ontario, and British Columbia. This decision comes under a broader restructuring effort, with the brand being sold to Montréal-based Lamour Group and Thread Collective Inc. Frank And Oak faced significant financial challenges, owing $71 million, including debts to UCG, Shopify, and Canadian agencies. The company cited impacts of the COVID-19 pandemic, supply chain issues, and conflicts affecting operations as reasons for its financial difficulties. Founded in 2012 by Ethan Song and Hicham Ratnani, the brand was sold to UGC in 2020 as part of creditor protection proceedings.