<style type="text/css"> .wpb_animate_when_almost_visible { opacity: 1; }</style>

Valmont grocery stores under the protection of the Bankruptcy Act

Valmont grocery stores under the protection of the Bankruptcy Act

The food retailer Valmont (Les Jardins Val-Mont Inc), which has already counted eight establishments in the greater Montreal area, was placed Thursday under the protection of the Bankruptcy Act.

This is a decision that was "difficult," said its president Éric Fortin, in a letter sent to suppliers and in which he said that the company filed a notice of intention to make a proposal .

This proposal is made an offer to obtain the agreement of creditors to change the debt repayment terms.

Valmont is $ 14.8 million to a hundred creditors including $ 14.5 million to an individual.

KPMG was appointed trustee in the NOI.

"Our management team concluded that this was the best decision in the circumstances for the benefit of our creditors, suppliers, employees and customers," says Mr. Fortin.

According to the law, the filing of the notice of intention will prevent Valmont to pay the suppliers the amounts payable to them by 10 March 2016. "As for the goods and services to be rendered or delivered after 10 March 2016, Valmont will be obliged to take on the way and according to existing agreements, "it said in the letter to suppliers.

The first fruit store Valmont was born on Mount Royal Avenue in Montreal in 1958 and another branch was opened in 1993.

Over the years, the company continued to expand to possess up to eight institutions in 2011.

However, competition from large food surfaces has posed serious challenges to Éric Fortin, who acquired the Valmont greengrocers in 2008 (renamed Valmont Gardens).

In an interview with "La Presse" in November 2013, when he had to close one of its eight branches on the South Shore, the businessman conceded that he had no plans whatsoever "so hard" when he acquired Valmont.

In May 2015, including Valmont had undertaken a strategic repositioning with a new concept of gourmet store DIX30.

Share Post
Written by

Master of Economics, University of Harvard, worked as an analyst in a few large companies and specializes in many countries. Currently owned by a large company that conducts assessment of investment attractiveness in the various countries of the world.