SAINT-AUGUSTIN-de-DESMAURES, Québec (BRAIN) — Louis Garneau Sports, which filed for bankruptcy protection in March, is presenting a new debt-restructuring plan to its creditors. The company said it has lined up a group of investors who will help it relaunch and remained headquartered in Québec. The company did not reveal the identity of the investors.
Louis Garneau Sports USA, based in Vermont, is unaffected by the bankruptcy in Canada, a company representative stressed to BRAIN. The Louis Garneau factory in Mexico is also unaffected.
Louis Garneau Sports filed for protection on March and Sugoi, the apparel brand Garneau bought from Dorel several years, filed on March 24.
In a statement, company founder and president Louis Garneau said he was "relieved and happy" that the plans include assurances that the company will remain in Québec and that the new financial partners also are from Québec. The company said the intention is for all three of its main brands: Louis Garneau, Sugoi and Sombrio, to expand internationally.
A creditor's meeting is planned for Sept. 10.
