On January 31, 2008, Linda Lundstrom Inc. ("LLI") filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (Canada) (the "Act"). LLI is currently reviewing its options in attempting to formulate a restructuring Proposal to its creditors.
By March 4, 2008, LLI failed to obtain an extension to file, or file, its Proposal, and accordingly, it was deemed to have filed an assignment in bankruptcy on March 4, 2008 in accordance with the Act. The LLI First Meeting of Creditors is scheduled for 11:00 AM on March 20, 2008, 255 Wicksteed Avenue, Toronto.
- Notice to Creditors - Proposal- 4 February, 2008
- Notice to Creditors - Bankruptcy- 6 March, 2008
- Proof of Claim Form- 4 March, 2008
SALE OF ASSETS
Effective March 27, 2008, Ira Smith Trustee & Receiver Inc. was also appointed Receiver of the assets, properties and undertaking of LLI pursuant to security held by The Toronto-Dominion Bank, with limited specific powers. On March 28, 2008, the liquidation sale run by Danbury Industrial stopped. On March 31, 2008, as Receiver, the assets of LLI were sold en bloc to a purchaser who is going to continue the business of LLI from its Wicksteed Avenue premises. This purchaser has also retained the services of Ms. Linda Lundstrom to ensure that her creative vision and energy continues. Many of the former LLI employees have been provided with offers of employment to continue in their positions with the purchaser.
The sales proceeds were not sufficient to fully repay all the secured creditors and accordingly, there will not be any distribution to the unsecured creditors in the bankruptcy.
IMPORTANT NOTICE TO CUSTOMERS WHO PAID DEPOSITS OR WHO ARE HOLDING GIFT
Please be advised that gift certificates cannot be honoured at the sale locations. Holders of gift certificates, as well as customers, who paid deposits for goods not received prior to the date of bankruptcy, are unsecured creditors and must file the relevant proof of claim in the respective bankruptcy.
CUSTOMERS WHO PAID FOR GIFT CERTIFICATES OR MADE DEPOSITS BY CREDIT CARD, SHOULD MAKE A CLAIM FOR REIMBURSEMENT FROM YOUR CREDIT CARD COMPANY, RATHER THAN FILING A CLAIM IN THE RESPECTIVE BANKRUPTCY. YOU WILL BE REQUIRED TO PROVIDE PROOF OF THE BANKRUPTCY TO YOUR CREDIT CARD COMPANY, WHICH CAN BE DOWNLOADED FROM THIS PAGE.
On February 4, 2008, 1481673 Ontario Limited, which operated the Linda Lundstrom retail store in the Fallsview Casino, Niagara Falls, ON, filed an assignment in bankruptcy. The store ceased operating at the date of bankruptcy.
- Notice to Creditors - 5 February, 2008
- 1481673 Proof of Claim Form
- Notice of First Meeting of Creditors - 14 February, 2008
On February 5, 2008, each of Lundstrom Retail (Bayview) Inc. ("Bayview") and Lundstrom Retail (Yorkville) Inc. ("Yorkville") each filed an assignment in bankruptcy.
- Bayview Notice to Creditors - 5 February, 2008
- Bayview Proof of Claim Form
- Bayview Notice of First Meeting of Creditors - 14 February, 2008
- Yorkville Notice to Creditors
- Yorkville Proof of Claim Form
- Yorkville Notice of First Meeting of Creditors - 14 February, 2008