Quebec-based Sail Outdoors Inc. files for bankruptcy protection to 'restructure operations'
MONTREAL -- Popular hunting, camping, and sports company Sail Outdoors Inc. will be restructuring its operations in response to challenges posed by the COVID-19 pandemic and has filed for bankruptcy protection to do so, owners announced on Tuesday.
In a press release, the Quebec-based company's CEO Norman Décarie said the retail industry has been transforming because of an increase in online sails and competition.
"Unfortunately, the consequences of the pandemic, such as the closure of stores for two months, have added further pressure on our cash flow and financial health,” Décarie said. “This situation is forcing us to make major decisions to ensure the company's sustainability.”
The brand’s SAIL and Sportium stores across Ontario and Quebec will operate normally, in line with public health measures in both provinces.
“This strategic decision is the best way to refocus and put our operations on a more solid footing,” Décarie said.
SAIL employs about 1,800 people.