NATICK – A Montreal-based footwear retailer announced this week it has received a Companies’ Creditors Arrangement Act from the Superior Court of Québec, and voluntarily filed Chapter 15 bankruptcy in the United States.
Founded in 1972, Aldo has a location in the Natick Mall on the first floor. Aldo operates more than 400 stores and has 3,300 employees in the U.S.
“Aldo is one of the world’s leading fashion footwear and accessory brands with a solid track record of growth and profitability for almost half a century. It is no secret that the retail industry has experienced rapid and significant change over the last several years,” said Aldo Group CEO David Bensadoun. “We were making strong progress with the transformation of our business to tackle these challenges; however, the impact of the COVID-19 pandemic has put too much pressure on our business and our cash flows.”
Prior to the coronavirus pandemic, Aldo U.S. was struggling. The company posted a net loss of $52.8 million for the 12 months prior in February 2020.