AMERICAS DISTRESS DAILY: End of De Minimis Helps Sink Ssense

Canadian luxury fashion retailer Ssense filed for creditor protection due to financial distress caused by declining consumer spending, high interest rates, and the end of a US duty exemption on small shipments. The company, valued at C$5 billion in 2021, is seeking new financing or a potential sale.

• A group of creditors led by Bank of Montreal were seeking repayment from Ssense under Canada’s Companies’ Creditors Arrangement Act.
• Both sides reached an agreement instead to have Ssense file the application for creditor protection, Justice Andres C. Garin of the Quebec Superior Court said in an order.

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