MINISO Canada obtains protection under the Companies’ Creditors Arrangement Act

VANCOUVER, British Columbia, July 12, 2019 (GLOBE NEWSWIRE) -- Pursuant to an application made by MINISO Lifestyle Canada Inc. and others (“MINISO Group”), MINISO Canada Investments Inc. and certain related entities (“MINISO Canada”) were granted protection from their creditors pursuant to an order (the “Initial Order”) of the Supreme Court of British Columbia (the “Court”) made under the Companies’ Creditors Arrangement Act (“CCAA”).  MINISO Canada worked with MINISO Group to facilitate the filing.

The Initial Order provides for a stay of proceedings in favour of MINISO Canada for an initial period of 10 days, subject to such extensions as the Court may subsequently order, and the appointment of Alvarez & Marsal Canada Inc. as Monitor in the CCAA proceedings.  The Initial Order also authorizes MINISO Canada to obtain interim financing of up to C$2 million (the “Interim Financing”) from MINISO Group.  The Interim Financing is expected to provide sufficient liquidity for MINISO Canada to maintain business operations through to the completion of the CCAA proceedings. 

MINISO Canada is the Canadian-based retailer of MINISO, a global retail brand, with 67 stores in British Columbia, Alberta, Ontario, Quebec, Nova Scotia and the Northwest Territories.  MINISO Canada is continuing to serve customers as usual at its stores.

MINISO Canada, MINISO Group and the Monitor will work to complete the restructuring in a timely fashion with hopes that the MINISO footprint and brand in Canada will continue to expand in the near term.

A copy of the Initial Order and other information will be available on the Monitor’s website at http://www.alvarezandmarsal.com/minisocanada. Information regarding the CCAA process may also be obtained by contacting the Monitor by email minisocanada@alvarezandmarsal.com 

MINISO Group has retained Fasken Martineau DuMoulin LLP as its legal counsel to assist in the CCAA proceedings.

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