Quebec Eyes Investment In Shoe Chain Aldo Amid Restructuring

Footwear retailer Aldo Group Inc. could receive a capital injection from Quebec’s government as it works through a court restructuring triggered by the pandemic, Bloomberg News reported. “We are, through Investissement Quebec, at the table with them to look at what’s the best structure going forward,” Economy Minister Pierre Fitzgibbon said in an interview with Bloomberg News. “We’re going to be helping,” he said, adding it’s too early to give an amount or a structure for the investment. “It could be equity.” Investissement Quebec is the government’s investment and lending arm. Montreal-based Aldo, which listed $473 million in debt in its bankruptcy proceedings, has reopened 199 stores and is planning to reopen 24 more that were closed due to Covid-19. It has also laid off about 260 people from its head office, it said in its most recent filings. Read more

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