to the shock of nobody...
Unable to pay its creditors, natural food store Planet Organic Markets has shut a chain of stores that spanned three provinces.
The company’s executives sent letters to employees and creditor Tuesday informing them of its demise.
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In a March 3 letter to creditors, the company said a secured creditor is owed $18 million “and has a lien on substantially all of the company’s assets to secure payment of the debt.”
“The company estimates that the total amount of other creditor claims is in the range of $12 to $16 million.”
Those unpaid creditors can expect to be paid about seven or eight per cent of what they’re owed, states the letter.