MONTREAL, April 26, 2022 (GLOBE NEWSWIRE) -- The ALDO Group Inc. (the "Company") announced today that its North American creditors have voted in favor of its restructuring plan, almost two years after the global footwear and accessories company filed for protection under the Companies' Creditors Arrangement Act (the "CCAA").
This positive vote is a crucial milestone on the Company’s journey to exit its restructuring initiated in 2020. In the next few weeks, there will be some additional legal and administrative steps left to take, including the finalization and approval of the Composition Agreement in Switzerland, before the ALDO Group can emerge from its restructuring proceedings completely.
The ALDO Group is confident in the continued progression of this process, and excited for what’s to come.
“We are pleased to have found a fair settlement for the ALDO Group’s North American creditors. The outcome of the procedure remains conditional to the creditors’ agreement for the ALDO Group’s international division, AGI, which is to be ratified in Switzerland.” – Martin Rosenthal, court-appointed monitor, E&Y
The restructuring proceedings allowed the Company to stabilize the business and provided an opportunity for the ALDO Group to undergo a far-reaching transformation of the organization. It now focuses on its profitable core competencies and continues to build on its deep legacy of producing quality and fashion-forward footwear and accessories.
“Today, after a thorough restructuring process out of which we are announcing our imminent exit, we know that the Companies’ Creditors Arrangement Act was the right path to take to solidify the ALDO Group’s financial foundation and ensure the long-term sustainability of the business.” – David Bensadoun, Chief Executive Officer, ALDO Group
About the ALDO Group
Specializing in stylish and accessible footwear and accessories, the ALDO Group has been around for 50 years. We operate under two signature brands, Aldo and Call It Spring, and a multi-brand retail concept, GLOBO and we are also an industry-recognized wholesale distributor and third-party sourcing provider of fashion footwear, handbags and accessories. With stores in more than 110 countries, we are on a journey to create a world of love, confidence, and belonging. In addition to its head office in Montreal, the ALDO Group has international offices in Europe and in Asia. For more information, visit www.aldogroup.com.
Media contact:
Media@aldogroup.com
