Ssense and its creditors are about to go to battle.
The troubled Montreal-based retailer has filed the Canadian equivalent of bankruptcy and put itself up for sale — a process that is in direct conflict with a plan expected to be put forth by its management team.
In an internal memo obtained by WWD, chief executive officer Rami Atallah informed employees that Ssense has applied with the court to place the company under Companies’ Creditors Arrangement Act protection to begin a sale process. But he stressed: “We do not believe this is the right path for Ssense. Recently, we have worked closely with financial and legal advisers to develop our own restructuring plan to stabilize the business and rebuild it for the future.”
He wrote that management believes that its plan is in “the bes