SSENSE is filing for bankruptcy protection, according to a letter written by CEO Rami Attallah to employees on Thursday, per Business of Fashion.

In the email, the Montreal-based company's chief executive stated that SSENSE's lenders aim to sell the company under the Companies' Creditors Arrangement Act (a Canadian federal statute that allows large companies to restructure their finances to avoid bankruptcy). However, SSENSE intends to bar the sale by filing a CCAA application “to protect the company, keep control of our assets and operations, and fight for the future of the company" in the next 24 hours.

Atallah said, “Recently, we have worked closely with financial and legal advisors to develop our own restructuring plan to stabilize the business and rebuild it for the future. The cour

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