Tereve Holdings Ltd. (“Tereve” cob as “Bowring”) operated 64 retail locations in nine provinces under the name “Bowring”. It sold decorative home accessories, furniture and other related items and employed approximately 955 staff at the time the proceedings commenced.
Faced with mounting losses and a number of underperforming locations, we were engaged by Tereve to perform an analysis of its operations, develop a restructuring strategy that would reduce the number of its locations in shopping malls and increase the profitability of the remaining business.
Tereve commenced restructuring proceedings under the Companies’ Creditors Arrangement Act following the development of the restructuring plan. We were appointed CCAA Monitor and assisted Tereve to implement the plan, including the sale of inventory and leasehold interests via an agency agreement that we negotiated with liquidation specialists. We also carried out a process which resulted in a going-concern sale of the core business and assets to a related party.