By Tiffany Williams
SAAN stores across Canada are having a going-out-of-business sale, which is being conducted by Great American LLC Group and Hudson Capital Partners LLC. This includes the SAAN store in Ponoka located on 51st St.
Greg Crombie from Crombie Marketing Inc. said that SAAN store has filed for CCAA, which is the step that a company takes before they file for bankruptcy. Once they file for CCAA they can look to settle all of their debts. They are hoping to do this by selling off their entire current inventory very aggressively.
Crombie says that if they sell off their inventory they would be in the position for another investor to purchase the store.
Crombie said that currently The Bargain Store has expressed interest in purchasing the store but nothing is yet confirmed.
“If they are unable to sell the inventory and sell the store they would have to apply for bankruptcy,” said Crombie. “That would be a shame because SANN has a tremendous legacy in rural communities across rural Canada.”
The first SAAN store opened on Winnipeg’s Main Street in 1947 and currently there are 126 stores across Canada. In 1997 SAAN extended into eastern Canada and they expanded their inventory.
The going out of business sale is expected to last eight to 10 weeks with some stores closing very soon.