Peoples still in review

Peoples Jewellers, snatched from the jaws of bankruptcy by a last-minute financial deal, says it is still on the hunt for an ad agency.The company filed for protection under the Companies Creditors Arrangement Act last December.On July 29, shareholders rejected the...

Peoples Jewellers, snatched from the jaws of bankruptcy by a last-minute financial deal, says it is still on the hunt for an ad agency.

The company filed for protection under the Companies Creditors Arrangement Act last December.

On July 29, shareholders rejected the company’s proposed restructuring plan and Peoples was placed into the hands of a receiver by the Ontario Court of Justice.

Less than 24 hours later, Duff Scott, former Peoples chairman, bought the company with help from the Bank of Nova Scotia.

Frank Gerstein, Peoples director of marketing, says he expects to announce an agency decision by early September. PS