Miniso files for bankruptcy in Canada
Miniso’s ambitious Canadian expansion plans have taken a turn for the worst after entering the country just a little over a year ago.
The Canadian operations of the Chinese discount retailer has filed an application to begin bankruptcy proceedings due to fraud, according to court filings from the Supreme Court of British Columbia.
Miniso is claiming that its Canadian division - Miniso Investments Inc., Migu Investments Inc. and Miniso (Canada) Store Inc. - has been fraudulent by transferring and hiding assets.
The Canadian division reportedly owes over $20 million dollars.
The proceedings follow ambitious expansion plans put forth by the company earlier this year.
The retailer, which just entered Canada in April 2017, said it planned to open 100 stores in Canada by the end of 2018, with plans to have a total store count of some 500 stores throughout the country in the next three years.
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.
Miniso was launched in 2013 by Chinese entrepreneur Ye Guofu and Japanese designer Miyake Junya.
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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