TORONTO — Camera store chain Henry's says it has received court approval to restructure after more than a century of operations as it tries to survive in a post-pandemic world.
The Toronto-based retailer, which earlier this year filed a notice of intention to file a proposal for creditor protection, says Henry's Enterprises Inc. was granted approval to acquire the company's assets and to continue its operations.
All executive management and the chief executive will remain in place as the ownership changes from Cranbrook Glen Enterprises Ltd.
The Stein family, which has run the company for four generations since opening in 1909, own Henry's Enterprises Inc.
CEO Gillian Stein says the company is in a strong position to serve the creative community for the long term.
"Most importantly, we were able to save important Canadian jobs and keep Henry's a Canadian, family owned business," she said in a release.
Henry's Enterprises Inc. will take ownership Aug. 10 with no impact to customers at its 22 retail stores, online and division servicing businesses.
This report by The Canadian Press was first published July 29, 2020.
The Canadian Press