Henry’s files for protection, will close seven stores

Leading Canadian photo specialty retailer Henry’s, a division of family-owned Cranbrook Glen Enterprises Ltd., announced dramatic restructuring, including a creditor protection filing and the plans to permanently close seven of its 29 stores across Canada. Grant Thornton Ltd. of Toronto is the trustee. The company’s e-commerce operations continue, and the 22 remaining stores will open when the COVID-19 situation passes. Gift cards will still be able to be redeemed, all store warranties will be honored, and sales operations will continue to function.

“The effect of COVID-19 on the economy is unprecedented,” said Gillian Stein, CEO at Henry’s. “The Canadian retail industry has been one of the hardest-hit sectors and Henry’s has felt a dramatic impact.  We closed our brick-and-mortar locations to keep our customers and employees safe due to the pandemic, which resulted in a significant impact to sales while still bearing the ongoing operating costs.

“Given the current reality, we wanted to act swiftly and decisively to improve efficiencies across our business and ensure we hit the ground running when life in Canada returns to normal. By restructuring our company and making these key changes, we’re confident that Henry’s will emerge from this crisis a stronger, well-positioned business and able to save Canadian jobs and support Canada’s creative community.”

The permanently closed stores are in Coquitlam, Langley and Victoria in British Columbia; and Brampton, Markham, Nepean and Sudbury in Ontario.

The last year has been a good one at Henry’s, with the merger of Montreal-based photo retailer Louzeau in April, 2019, and the recognition in March as one of Canada’s Best Managed Businesses.