Photo retailer Henry's, a division of Cranbrook Glen Enterprises Ltd, has announced a strategic restructuring to help "improve efficiencies across the business and ensure future success in a post-pandemic world."
As part of the restructuring, the company has filed for creditor protection through the filing of a Notice of Intention to Make a Proposal and will be undergoing a reorganization of its business affairs to be "better positioned for future success."
Henry's plans to close seven of its stores and will continue to focus on its ecommerce operations. The retailer will be reopening the remainder of its 22 stores across Canada when the COVID-19 situation allows. The company is taking the necessary steps to ensure the long-term success of the business, its customers, its employees, and its suppliers, says the retailer.
"The effect of COVID-19 on the economy is unprecedented," says Gillian Stein, CEO of 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," she continued, "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 henrys.com website will still be operational and the 22 remaining stores across Canada will, as noted, reopen when the COVID-19 crisis allows. Gift cards will still be able to be redeemed, all store warranties will be honoured, and sales operations will continue to function.
The Henry's stores that will be closing are in Coquitlam, Langley, and Victoria in BC and Brampton, Markham, Nepean, and Sudbury in Ontario. Customers in those areas are encouraged to visit Henrys.com or one of the 22 remaining locations when they reopen after the COVID-19 situation allows.
A Canadian company, Henry's is family owned and operated. The retailer first opened its doors in 1909 and has become a leading specialty digital imaging retailer in Canada. The retailer focuses not just on offering the best and newest products but also expert advice and customer service in camera-related hardware and accessories for photography, videography and online content creation. Henry's carries over 15,000 imaging-related products across all the top brands.