Irish subsidiary faces liquidation as Aldo restructures
Reports from its home province, Quebec, say the Irish subsidiary of footwear company Aldo Group will close permanently.
The group successfully applied for creditor protection in Canada, the US and Switzerland in early May, saying covid-19 had put “too much pressure” on the business. It said it wanted to speed up a restructuring plan it had already put in place.
It said it hoped to emerge from creditor protection in a few months. It has already begun to open some of its stores again following lockdown.
However, Le Journal de Montréal has reported that the group’s Irish subsidiary will not continue.
Aldo Bensadoun, son of a shoe merchant and grandson of a cobbler, opened the first Aldo store in Montréal in 1972. By 2019, the group had more than 3,000 points of sale across the globe.
