The Chinese retailer, which positions itself as ‘Japanese’ says that it has reached an interim agreement with Canadian franchisees, though there’s more to the story.
The retailer planned to open 500 Canadian stores. Now the Chinese parent company of Miniso Canada has filed to initiate bankruptcy, alleging that the Canadian division is in major debt and has transferred/misused company assets.
We’re predicting that this year will be one of highs and lows — Sears Canada will shutter, Nordstrom Rack will enter Canada, marijuana will be legalized, and plenty of other developments.
The Chinese variety retailer, positioned as a ‘Japanese lifestyle brand’, will open 50 Canadian stores in the next 12 months, planning to eventually operate 500 Canadian locations.
The ‘Japanese lifestyle brand’ plans to disrupt Canadian retail by opening as many as 500 stores, competing with the likes of Uniqlo, Muji and Dollarama.