Parasuco

February 06, 2015 09:00 ET

Parasuco Retail Inc. to Close Retail Stores in Canada

Parasuco Jeans Inc. to continue focusing on wholesale and private label business lines and to grow online sales

MONTREAL, QUEBEC--(Marketwired - Feb. 6, 2015) - Parasuco Retail Inc. will close the seven retail stores it owns and operates in Canada, as of February 6, 2015.

Parasuco Jeans Inc., headquartered in Montreal, Quebec will continue selling directly to customers through its online sales platform (www.parasuco.com) and pursue further growth with its successful wholesale and private label divisions. These combined operations employ more than 70 Montrealers who will continue to grow the brand globally by sourcing, designing and developing the most fashionable and innovative denims.

The Parasuco label owes much of its success to its constant creative renewal; Mr. Salvatore Parasuco developed stretch denim, the sandblasting of jeans, and he was the first to acid wash jeans in Canada. The move towards a strengthened online presence will allow Parasuco Jeans Inc. to remain competitive as it strives to reach broader markets.

In order to proceed with the closing of its stores in an appropriate manner, Parasuco Retail inc. has voluntarily filed under the Bankruptcy and Insolvency Act (Canada), as its stores have struggled in a changing retail environment. KPMG has been appointed as trustee in this matter.

About Parasuco Jeans Inc.

Parasuco Jeans Inc. is celebrating its 40th anniversary in 2015. Founded in Montreal by Mr. Salvatore Parasuco, the brand offers unique design-driven premium denim collections at unparalleled value and uncompromising quality. As one of the most influential denim players in the industry, Parasuco Jeans Inc. has developed an international sales infrastructure of established showrooms, distributors, partners and licensees. Shop online at www.parasuco.com Customers can follow Parasuco on social media platforms: Facebook Twitter YouTube Pinterest Instagram.

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