Bovet is the latest clothing chain to announce it is shutting down.
The Quebec-based men's clothing chain made the announcement Wednesday afternoon.
Pierre Bovet, president of the clothing retailer and grandson of founder Marc Bovet, said he could not see any way the chain could remain operational.
Bovet will remain open throughout the holidays and will liquidate all remaining inventory in January 2016.
Bovet was founded in Quebec more than a century ago, and while it was initially known for workplace clothing, it switched gears into more elegant fashion as time went on.
The chain said about 60 employees would lose their jobs.
Last year clothing retailer Jacob filed for bankruptcy and shut down more than 90 stores across Canada, although it re-opened with five locations in Montreal earlier this year.
Smart Set, Bikini Village, and Mexx have also struggled and faced closure.
