Lewiscraft Corporation (“Lewiscraft”) was a craft supply retailer that operated from 90 stores across Canada. Lewiscraft employed approximately 600 individuals.
We were appointed Monitor of Lewiscraft’ under the Companies Creditors’ Arrangement Act. In that capacity we worked with Lewiscraft and its secured creditor to consider restructuring options, such as downsizing the business to 40-50 store locations, a transaction with a strategic party or a liquidation. We also assisted Lewiscraft with all aspects of its operations during the restructuring proceedings, including sourcing inventory from overseas suppliers and identifying leases to be repudiated. The result of the proceeding was a going-concern sale of the business.