08/04/2015 06:49 EDT | Updated 08/04/2016 05:59 EDT

Laura Files For Creditor Protection

Laura Canada
MONTREAL — Canadian retailer Laura's Shoppe Inc. has filed for creditor protection as part of an effort to ensure its survival.

The owner of 150 women's clothing stores, under various Laura banners and Melanie Lyne, says it faced large losses in both 2012 and 2013.

The company blamed its weakened financial state on changes made to its merchandise lines that didn't resonate with customers.

Laura says that while sales have since rebounded, more needs to be done to turn around its business.

It says various steps are being considered, including the closure of underperforming stores.

Laura is just the latest in a number of Canadian retailers who have been slammed with financial problems in recent months.

Other popular clothing names like Jacob, Bikini Village and Mexx Canada have faced severe financial problems or bankruptcy.


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