Aldo is winding down its Irish business, the daily The Times reported. The Canadian footwear retailer has filed for bankruptcy protection in Canada, the U.S. and Switzerland, where it has its European headquarters, to restructure.
The company has stopped shipping orders to Ireland and has closed its local e-commerce site. The Irish business also includes four stores in Dublin.
A meeting with creditors will be held via Zoom on May 22, where it will be proposed that Damien Murran, of the accounting firm RSM Ireland, be appointed liquidator.
A company spokesman told The Times that the decision was necessary because of profitability challenges and the unprecedented collapse in retail spending stemming from the Covid-19 pandemic. The Irish business posted revenues of €5.3 million in the year to January 27, 2018, but pre-tax losses totalled nearly €260,000.