A Canadian Jewellery Brand Is Closing 24 Of Its Stores By The End Of This Month

A Canadian jewellery store is bidding farewell to multiple stores across the country as early as the end of the month.

Bizou, a Quebec-based retail company founded in 1982, will be closing down nearly 30% of its stores by the end of January, according to La Presse.

In terms of numbers, that's 24 stores out of the jewelry franchise's 85 locations to date.

This was largely due to their loss in revenue last year.

As a result, the store filed for bankruptcy in the fall of 2020 and has around $9.5 million in liabilities, as per the report.

What's more, the company's losses are also being attributed to not only the COVID-19 pandemic but also to Amazon.

The report states that Bizou depended more on customers coming to the store directly and in the end, could not compete with the move towards online shopping.

This is a grim reality as, in 2015, Bizou was hoping to open up to 300 stores in Canada, according to Retail Insider.

Bizou stores are mostly found in Quebec but have many other locations in Ontario and the Maritimes.

Some of the units closing down include Place Versailles in Montreal, St Laurent Center in Ottawa, Bathurst Mall in New Brunswick, Confederation Court Mall in P.E.I., and more.