Lingerie retailer Boutique La Vie en Rose is buying Groupe Bikini Village, keeping it from closing its doors.
The specialty swimwear retailer sought creditor protection last month under the Bankruptcy and Insolvency Act and was looking for a partner or buyer.
“There’s a very good niche for that market,” said La Vie en Rose president and CEO François Roberge, explaining his decision to acquire the chain for “less than $4 million.”
Bikini Village was $6 million in debt and had a net loss of $6.4 million last year, and a $1.1-million loss the year before.
Montreal-based La Vie en Rose, which sells lingerie and swimwear in 180 stores across Canada, is growing its international presence, with 90 stores in 17 countries.
The retailer will keep 48 stores under the Bikini Village banner but will close its four liquidation outlets, all in Quebec.
“Of course there will be some jobs that we will have to lose to be more efficient,” said Roberge, estimating that a total of 50 positions will be cut.
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