TORONTO — There’s a money crisis at Grafton-Fraser Inc., therefore it could work to sell stock and promote its resources, operator of Tiptop Tailors along with other menswear stores, that has obtained temporary courtroom safety.
A study submitted with Ontario Superior Court claims that Grafton-Fraser owes about $39.4 million to GSO Capital Associates. Additionally, it owes $12.8 trillion to CIBC, with a priority state under an arrangement between your two lenders.
The statement claims the Toronto- retailer wouldn’t have sufficient funds or sums owed to tax specialists and its providers, workers by March 11, without huge amount of money from GSO if lender protection was given.
Justice Glenn Hainey signed Thursday with an order granting the protection.
The situation is likely to be in courtroom on Friday to progress a joint venture partner of GSO ideas for liquidation revenue along with a purchase of the organization in general, if your outstanding bet isn’t discovered.
Grafton-Fraser has 158 shops including 107 underneath the Tip-Top Tailors advertising, across Europe. Another 51 shops offer apparel for tall” and “big males under numerous ads including Kingsport Large George Richards and High.