Tip Top Tailors operator keeping 140 stores open

TORONTO — The assets of Grafton-Fraser Inc., owner of Tip Top Tailors and other menswear chains, have been bought by U.S.-based GSO Capital Partners in a move to stabilize the Canadian retail business.

As part of the agreement, the new operators of the Toronto-based retailer is keeping 140 stores open across the country, while 12 underperforming locations have been closed, affecting 100 jobs.

The retail brands, which include George Richards, Kingsport and Mr. Big and Tall, will continue operations as normal in the new arrangement.

Details of the purchase were not disclosed, but the new operators of the menswear chains says the debt structure of the company significantly reduced allowing it to focus on key initiatives for growth.

In January, cash-crunched Grafton-Fraser received temporary court protection so it could work to liquidate inventory and sell its assets.

A report filed with Ontario Superior Court said that Grafton-Fraser owed GSO Capital Partners about $39.4 million. It also owed $12.8 million to CIBC, which has a priority claim under an agreement between the two creditors.

Just Posted

WATCH: Red Deerians can have a say about crime fighting

Municipality will poll citizens about policing priorities

Updated: Red Deer man sentenced to six years for stabbing death

Shane Dion McPhee pleaded guilty to manslaughter for February 2016 slaying

Watch: Pandas on the move

Artist Patrick LaMontagne shows his work in this time lapse video

Watch: Pandas on the move

Artist Patrick LaMontagne shows his work in this time lapse video

Rebels Fan Fest set for Wednesday

Time to cheer on the Rebels; Tickets on sale for WHL playoffs

Uber self-driving vehicle hits, kills pedestrian in Arizona; Company stops tests

TEMPE, Ariz. — Uber says it has suspended all of its self-driving… Continue reading

Tories want debate on 12-month mission to support UN mission in Mali

OTTAWA — Canada’s official Opposition wants a full parliamentary debate on the… Continue reading

Brand of lean ground beef recalled due to possible presence of E. coli

OTTAWA — A brand of lean ground beef is being recalled because… Continue reading

Police chief: 4th bombing shows ‘different level of skill’

AUSTIN, Texas — Texas’ capital city was rocked by the fourth bombing… Continue reading

Lacombe Skating Club presents Broadway on Ice

The Lacombe Figure Skating Club hosted its year-end carnival with a Broadway… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month