Not Very Good News.
The fashion retailer and creative platform (yes, the one behind those viral Instagram posts you’ve probably scrolled past at least once) is facing its biggest challenge yet. After months of uncertainty and multiple rounds of layoffs, SSENSE has officially filed for bankruptcy protection.
In a company-wide email sent yesterday, CEO Rami Attallah revealed that lenders are pushing to sell the business under the Companies’ Creditors Arrangement Act (CCAA), a Canadian law that allows large companies to restructure their finances in order to sidestep bankruptcy.
But SSENSE isn’t going quietly. The Montreal-based brand plans to file its own CCAA application within the next 24 hours, with the goal of shielding the company from the sale, while maintaining control over its assets and day-to-day operations.
First thoughts on this news?
