Henry's announces successful restructuring plans with Henry's Enterprises Inc. acquiring the brand and maintaining same family ownership.
TORONTO, July 29, 2020, 14:30 ET
Henry's announced today that their strategic restructuring to improve efficiencies across the business and ensure future profitability in a post-pandemic world has been successfully completed. The Stein family, who has owned Henry's for 4 generations, will continue to maintain ownership as Henry's Enterprises Inc.
After filing a Notice Of Intention To File a Proposal ("NOI") for creditor protection earlier this year due to COVID-19, Grant Thornton, the trustee during the process, made the recommendation to the Court and has been granted approval for Henry's Enterprises Inc. to acquire substantially all the assets of the company and will be continuing company operations.
The acquisition and change from Cranbrook Glen Enterprises Ltd. to Henry's Enterprises Inc. will see all executive management and the CEO remain in place and they will continue to operate and manage the Henry's retail brand & associated businesses.
"We are delighted to receive court approval for the acquisition of the company's assets by Henry's Enterprises Inc. With the ongoing support of the Bank of Montreal and Grant Thornton, we are in a strong position to continue to serve the creative community for the long term, as a successful market leader. Most importantly, we were able to save important Canadian jobs and keep Henry's a Canadian, family owned business," says Gillian Stein, CEO, Henry's Enterprises Inc.
Henry's Enterprises Inc. will take ownership on August 10, 2020. This change will have no impact to customers as the company's 22 retail stores, Henrys.com and its B2B division will continue to operate business as usual. As well, all outstanding gift cards can still be redeemed, and warranties will continue to be honoured.
Proudly Canadian, family owned and operated, Henry's first opened its doors in 1909 and has evolved into the leading specialty digital imaging retailer in Canada. With locations across Canada and a strong B2B and ecommerce business, they are the source for the best and newest products, expert advice and award-winning customer service in creator-related hardware and accessories for photography, videography and online content creation. Henry's carries over 15,000 imaging and audio related products across all the top brands and is the source for creators across Canada. For more information please visit henrys.com.
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