Agnew Group files for bankruptcy protection

Article Abstract:

Agnew Group Inc. (London, Ont.), one of Canada's largest shoe retailers, filed for bankruptcy protection under the Companies' Creditors Arrangement Act and plans to liquidate remaining inventory at 223 stores across Canada. Agnew claims that it was a victim of heavy losses caused by unseasonable cool weather and fierce competition from wholesalers such as Wal-Mart. The weather affected Agnew's shoe sales during the spring and summer seasons. In addition, the chain has had difficulty competing because its footwear is priced in the mid- to upper-range of the shoe market. On the other hand, wholesalers such as Payless and Wal-Mart offer customers the chance to buy off the shelf at much lower prices. According to court documents, the company has already made plans to finalize the sale of inventory, leases, leaseholds, and other assets. It has also agreed to sell furniture, fixtures and computer equipment from its head office to Bentleys Leathers for $42,500.

Other Footwear Manufacturing, Nonrubber Footwear, Footwear, Except Rubber, Footwear industry, Footwear, Agnew Group Inc.

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Loewen expected to avert bankruptcy

Article Abstract:

Funeral service company Loewen Group Inc of Burnaby, British Columbia, is asking a banking syndicate led by Bank of Montreal to relax loan covenants on its $600-million credit line. The company, which has C$2.1 bil in debt, will file for bankruptcy protection if the bank syndicate fails to make a decision by Mar 29, 1999. The banks are expected to grant the concessions on the loans to help Loewen Group solve its short-term liquidity problem.

Funeral Homes and Funeral Services, Funeral Services, Funeral industry, Loewen Group Inc.

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360networks seeks court protection

Article Abstract:

360networks Inc. files for court protection from the the $2.8 billion which it owes creditors.

Other Communications Equipment Manufacturing, Fiber Optics Systems & Equip, Communications equipment, not elsewhere classified, Finance, Fiber optic networks, Fiber optics industry, 360 Networks Inc.

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