03/24/2015 10:26 EDT | Updated 05/24/2015 05:59 EDT

La Vie En Rose Buys Insolvent Bikini Village

This is a shot of the La Vie En Rose store in Toronto, Canada. Feel free to use this image with a credit to my site: <a href="" rel="nofollow"></a>
SAINTE-JULIE, Que. - Canadian lingerie and swimwear retailer Boutique La Vie en Rose is buying insolvent chain Groupe Bikini Village (TSXV:GBV) for an undisclosed price.

The deal, which is subject to approval by a Quebec Superior Court judge, is expected to close the end of March, the companies said Tuesday.

Bikini Village filed for creditor protection last month under the Bankruptcy and Insolvency Act after posting a series of million-dollar quarterly losses.

La Vie en Rose says it plans to continue operating 48 of Bikini Village's 52 stores under the Bikini Village banner, preserving 300 of the 400 Bikini Village jobs.

La Vie en Rose CEO Francois Roberge said the acquisition will help to consolidate its position as Canada's leading swimwear retailer while also opening the Bikini Village banner outside the country.

The Montreal-based chain has nearly 180 stores across Canada operating under three banners — La Vie en Rose, La Vie en Rose Aqua, and La Vie en Rose Outlet. Since 2004, it has opened more than 90 stores in some 17 countries.

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