After Almost 30 Years in Business FactoryDirect.ca Stores are Closing
TORONTO, Feb. 16, 2024 /CNW/ - The store wide liquidation sale, with over $10 million at retail, will begin tomorrow Saturday, February 17th, 2024 across all 14 of FactoryDirect.ca store locations. With a huge selection of brands such as: Apple, Samsung, LG, Dell, Panasonic, Cuisinart, Danby and more, you can expect a great mix of top brand name products at unbeatable pricing. A.D. Hennick & Associates Inc. and Danbury Global Ltd. have been appointed to conduct the chain-wide liquidation sale of TV's, smartphones, tablets, computers, small and major appliances, heaters, air conditioners, toys and so much more.
Since opening their first store almost 30 years ago, FactoryDirect.ca has grown to become one of Canada's largest privately owned discount retailers, but since COVID-19 the company has experienced declining sales and increased overhead partly due to this high inflationary environment. At one point they grew to 24 stores, several hundred employees and have been a staple brand in Canada for 3 decades.
"This is a unique opportunity for customers to get the top branded products at liquidation prices. Due to the most recent economic conditions, it's becoming more apparent that businesses are having a difficult time managing operations. FactoryDirect.ca has been a consistent source of incredible deals for a long time and it is such a shame to see this almost 30 year old, Canadian Owned discount retailer with hundreds of employees have to close it's doors forever" Alex Hennick, President of A.D. Hennick & Associates.
TDB Restructuring Limited is the proposal trustee for RLogistics Limited Partnership (dba factorydirect.ca). The decision to liquidate follows their court filing of a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act.
A Press Kit with videos and photos can be found at https://www.factorydirect.ca/media
A.D. Hennick & Associates works together with Manufacturers, Distributors, Landlords and Bankruptcy Trustees to provide liquidation solutions for excess inventory, cancelled orders, and distressed assets. With a reputation for honesty, integrity, and fairness, we work with a wide variety of industries to quickly maximize value for liquidated stock while protecting brand images.
Danbury Global is a hands-on provider of asset monetization solutions focused on the disposition of retail and wholesale inventories, as well as industrial machinery and equipment. Danbury's services include, but are not limited to, retail store closings, orderly liquidations of wholesale inventories, and onsite and online public auctions.
SOURCE FactoryDirect.ca
For further information and media inquiries: Alex Hennick at (416) 250-5345, [email protected]
Share this article