Dack's Shoes declared bankrupt
Best known for its high-end men’s footwear, Canada-based Dack's Shoes has declared itself bankrupt. The firm will close all of its six remaining Canadian stores—four in Toronto and two in Alberta—after liquidating its remaining inventory.
In the early 1800s, Matthew Dack emigrated from Stradbally, Ireland to Kingston, Ontario, where he began a shoe and boot business. In 1834, he moved to ‘Muddy York’, the same year it was renamed Toronto. Toronto boasted a thriving population of 10,000 at this time.
The first Dack's store opened at the Corner of King and Jordan Streets in downtown Toronto, where Mr Dack used top-quality leathers and excellent craftsmanship to produce top-of-the-range men's shoes.
Dack's recently restructured in a bid to bring in new business. After more than 170 years of exclusively making men’s shoes, the company decided to start making women’s shoes. Although this helped to increase sales, the global economic conditions reduced consumption and made it impossible for the company to stay in business.
