Etac files for protection while it restructures

Toronto-based Etac Sales has sought court protection from creditors for its investors through the Companies' Creditors Arrangement Act while it gets its house in order.Part of Etac's restructuring includes closing 28 Alfred Sung and Alfred stores, and discontinuing wholesaling the designer's...

Toronto-based Etac Sales has sought court protection from creditors for its investors through the Companies’ Creditors Arrangement Act while it gets its house in order.

Part of Etac’s restructuring includes closing 28 Alfred Sung and Alfred stores, and discontinuing wholesaling the designer’s line of clothing.

Etac will keep 131 stores, which it operates under the Brettons, L’Occitane, Ports and Tabi names.

The company’s reorganization is being spearheaded by Don Evans, former executive vice-president and director of Dylex.

Evans joined Etac last May as president and chief executive officer.

Late last year, Etac split its advertising account, valued at about $4 million, between Padulo Integrated and Backer Spielvogel Bates of Toronto.

Rick Padulo, ceo for Padulo Integrated, says it is business as usual and plans are now under way for spring campaigns. PS