Danier Leather Inc. (“Danier”) was Canada’s largest retailer of leather apparel and accessories. At its peak, Danier operated from approximately 90 stores across Canada and employed over 1,300 individuals.
Danier incurred significant operating losses, resulting from operational challenges, increased competition from US retailers and macroeconomic factors impacting Canadian retailers, including the depreciation of the Canadian dollar relative to the US dollar. In mid-2015, we were engaged by Danier as its financial advisor to consider strategic initiatives.
In 2016, Danier filed for creditor protection. We were appointed as Proposal Trustee and subsequently as Court-appointed Receiver and Trustee in Bankruptcy. We advised Danier on its restructuring and assisted with a sale process for Danier’s business and assets. It is expected that creditors will receive a significant recovery on their claims.