[HALIFAX, NS] — The Bargain! Shop has begun court-ordered restructuring of some of its 231 discount general merchandise stores throughout Canada, including Bargain! Shop, Red Apple, and Mymark.
Ernst & Young Inc., the court appointed monitor, reports that the Ontario Superior Court has ordered a stay of proceedings against the company until March 28.
There are 193 Bargain! Shop stores across Canada in urban and rural locations, many in Atlantic Canada.
The company told the court that its Bargain! Shop locations in Atlantic Canada have been losing money while those in western Canada, northern Ontario and Newfoundland accounted for 70 per cent of revenues.
Revenue from stores located in Southern Ontario and the Maritimes, in largely in urban markets, decreased by 84.7 per cent over the last two years.
The Queens County Advance reported that staff at the company's store in Liverpool were told that their store is closing.
In Nova Scotia, the company has stores in Halifax, Elmsdale, Truro, Wolfville and Springhill.
Bargain! Shop officials were not available for comment Friday.