Groupe Sélection Files for Bankruptcy Protection

Groupe Sélection, which operates several retirement residences in Montréal and on the West Island (Sélection Retraite West Island in Pointe-Claire and Sélection Retraite Le Cambridge, also in Pointe-Claire), has filed for bankruptcy protection, The Suburban reported. The banking group that handles Groupe Sélection’s finances, which includes Banque Nationale, has appointed the accounting firm of PriceWaterhouseCoopers to handle the company’s turnaround. For its part, Sélection has commissioned FTI consulting, the multinational business advisory firm, to help them find revenue sources, and to asses its options. Sélection had originally been working with Raymond Chabot in that regard. In a statement today, Groupe Sélection cited inflation, the recent rises in interest rates, and the COVID-19 pandemic as contributing factors, despite $120 million in assistance they had received from the government during the pandemic. The statement added that the situation is temporary. Read more.