11/07/2018 08:18 EST | Updated 11/07/2018 09:31 EST

Bowring And Bombay Seek Creditor Protection Amid Millions In Debt

Employees at some locations said they were liquidating merchandise.

Kevin Van Paassen/The Globe and Mail via CP
A Bowring store is pictured on Aug. 25, 2005.

TORONTO — Bowring & Co. Inc. and Bombay & Co. Inc. are seeking creditor protection as they grapple with more than $50 million in debt.

Legal filings say the housewares and home furnishings retailers collectively owe millions to landlords, banks, delivery brands and other companies they conduct business with.

The filings made under two numbered companies show CIBC is owed $24 million.

Under creditor protection in 2014

Bombay and Bowring temporarily put notices up on their websites telling visitors that the pages are under construction, but those were removed by late Tuesday afternoon.

The licensed insolvency trustees for the companies did not respond to requests for comment.

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Several stores under each brand name remain open, but employees at some locations said they were liquidating merchandise.

Bombay and Bowring had been under creditor protection in 2014, while they looked for a buyer or partner to help them survive a severe cash shortage and debt.

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