Miniso China takes over Canadian operations
today Mar 20, 2019
“Miniso China and Miniso Canada are pleased to confirm that we have reached a definitive agreement, under which Miniso China will take over the operations of Miniso stores in Canada, while advancing to take over the ownership of the Canadian stores,” the company said, in a statement on social media this week.
The Canadian operations of the Chinese discount retailer filed an application to begin bankruptcy proceedings due to fraud back in December, which could have potentially shuttered Miniso’s entire Canadian division.
According to court filings from the Supreme Court of British Columbia, parent company Miniso claimed that its Canadian division - Miniso Investments Inc., Migu Investments Inc. and Miniso (Canada) Store Inc. - had been fraudulent by transferring and hiding assets.
An interim agreement was reached between the two companies in early January and was later mutually settled.
Still, the company is facing some roadblocks in Canada. In the province of Quebec, the company has ignored language standards that ask that French copy be included on all products and overall branding, which could lead to a hefty fine.
Miniso entered Canada in April 2017 with ambitious expansion plans. It opened its first store in Vancouver and now operates close to 50 stores in the provinces of British Columbia, Alberta, Ontario, Quebec and Nova Scotia.
The company has plans to have a total store count of some 500 stores throughout the country in the next three years.
The value-priced retailer is often referred to as a variety store and offers high quality fashion at low prices, along with a variety of household and consumer goods that include cosmetics, stationery, toys and kitchenware.
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