UPDATE 1-Canadian fashion retailer Jacob to liquidate, close stores
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TORONTO May 6 (Reuters) - Boutique Jacob, a Canadian women's fashion retailer that filed for creditor protection in 2010, is liquidating its inventory and closing its stores after failing to find new financing or return to profitability, the company said on Tuesday.
Jacob, whose stylish, business-casual fashion catered to young professional women, said it was hurt by a challenging economy in recent years combined with an influx of international brands into Canada.
Canadian retailers have come under increasing pressure from U.S. clothing retailers such Ann Taylor and J.Crew that have been expanding north of the border.
Jacob, which exited bankruptcy protection after restructuring in late 2011, said that this time it opting instead to liquidate. The company declined to provide any details on its debt or creditors.
The Montreal-based, privately owned family company began as a single apparel store in Quebec in the 1960s, owned by Jacob Basmaji. The first Jacob store opened in 1977 and the company's Canada-wide expansion began in 1985 with the opening of its first store in Toronto, Canada's largest city.
The company said it will liquidate inventory through its 92 Jacob, Jacob Outlet and Jacob Liquidation stores. (Reporting by Solarina Ho and Euan Rocha; Editing by Leslie Adler and Andre Grenon)
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