Mayrand Faces Financial Challenges
Mayrand, a food retailer with four stores, is facing financial challenges and has announced plans to seek protection under the Bankruptcy and Insolvency Act (BIA). Despite this, the company reassures customers that its supermarkets remain operational.
Background on Mayrand’s Financial Situation
The company experienced significant growth prior to the COVID-19 pandemic. However, the pandemic severely impacted sales in its restaurant sector. As a result, Mayrand has encountered considerable financial pressure, leading it to pause its ambitious expansion plans that had already involved substantial investments.
Steps for Financial Recovery
To address these challenges, Mayrand has filed a notice of intention to take shelter under the Bankruptcy and Insolvency Act (BIA). This step is intended to facilitate a financial recovery while ensuring that the company’s operations continue smoothly.
Impact on Employees
- The four supermarket locations in Anjou, Brossard, Laval, and Saint-Jérôme are still functioning.
- All employees at these locations will retain their jobs during this transitional period.
Mayrand is committed to navigating this difficult time and aims to emerge stronger while maintaining its service to the community.
