Louis Garneau Sports’ creditors include banks, Chinese vendors, and Louis Garneau USA

By Steve Frothingham

Canadian media suggests the provincial government might help bail out the company.

MONTRÉAL (BRAIN) — Louis Garneau Sports, Inc., which has requested creditor protection from the Canadian government, has listed over CAN$32 million ($24 million) in debts to a long list of creditors including Chinese factories, Canadian banks, the company’s own U.S. subsidiary, and a company owned by Louis Garneau’s wife.

Le Journal de Québec, a news site, reported Friday that provincial officials are evaluating how to help the 37-year-old company recover. At a news conference last week, Louis Garneau said he was hoping to restructure the company and remain in Québec. He said he was seeking financial help and advice from within the province.

The company has not yet filed a list of assets. Sixty-six employees at its headquarters in Saint-Augustin-de-Desmaures, Québec, were laid off last week when the filing was announced.

The bankruptcy in Canada does not affect related companies in the U.S., Mexico and elsewhere, a spokesman for the company told BRAIN. “The situation only concerns Louis Garneau Sports with the office in Québec,” said the spokesman, David Couturier. “There is no impact (jobs, business activities) in the U.S. or elsewhere.” Louis Garneau USA, the …read more

Via:: Bicycle Retailer and Industry News