DEC 09, 2011
STERLING SHOES ANNOUNCES RESTRUCTURING OF STORE PORTFOLIO
Sterling Shoes announces today the proposed future closure of 53 store locations in British Columbia, Alberta and Ontario. Stores were selected for closing after extensive analysis and based on parameters established as part of the Company's business strategy.
The Company is continuing with 5 Freedman stores, 28 Sterling stores and 72 Shoe Warehouse stores. These remaining stores will continue to operate on a normal basis. Upon completion of the store-closing process, the Company's total store portfolio will consist of 105 stores.
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NOV 18, 2011
STERLING SHOES ANNOUNCES EXTENSION OF CCAA ORDER
Sterling Shoes announces today that the Company obtained an order (the "Order") from the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act (CCAA) extending the stay of proceedings granted pursuant to the previously announced Initial Order obtained by the Company on October 21, 2011.
The Order extends the stay period until December 30, 2011, to be further extended as required and approved by the Court.
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Oct 21, 2011
STERLING SHOES ANNOUNCES CCAA FILING
As a result of significant shifts in the retail environment, Sterling Shoes announces today that it has been granted protection under the Companies' Creditors Arrangement Act (CCAA) by the Supreme Court of Canada. Management is committed to the Company's continued and future growth and is developing a restructuring plan that will facilitate a quick turnaround process. The Company has the support of its lender (Bank of Montreal) as it goes through this process.
The Company and retail stores under its Sterling, Freedman, Joneve, Gia and Shoe Warehouse banners will continue to operate on a normal basis. We have a profitable core business and believe that with the support of our customers, employees, vendors and partners, we will arrive at a stronger, more successful place in the near future.
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