A lawyer representing Miniso, the popular Asian discount store, has officially confirmed that Miniso and their Canadian brand Miniso Canada have reached a deal after a tense legal battle that would have seen the company pull out of Canada completely. Lawyer John Grieve, who is with the Miniso parent company, said that the deal reached between the two parties recently will officially allow all their stores in Canada to remain open. The deal will also restore inventory deliveries to the Canadian stores that had been halted during the legal battle.
The deal comes less than a month after the start of their legal battle, which was launched when the parent Miniso company filed papers with the BC Supreme Court that would have sent Miniso Canada and two other Miniso companies into total bankruptcy.
While the legal battle between the Canadian company and their Chinese parent body was short, it was still intense. The company claimed that Miniso Canada owed them almost $3.2 million in loans and tens of millions more in inventory. If a deal hadn't been reached, Miniso Canada would have been forced to close down completely.
The hearing for this was scheduled for today, January 7th. But fortunately, despite the tense start to Miniso's legal battle, the two sides were able to reach a short-term deal and have cemented the company's presence in Canada.
The deal is only an interim agreement, but the company's lawyer confirmed that it will allow them to keep their Canadian stores operating while the two sides work together to reach a long-term solution, bringing their short legal battle to a peaceful end.
The good news for Canadians is that while they do that, we'll still be able to enjoy shopping at Miniso's Canadian stores. They have almost 50 locations across the country.
The Miniso stores are located mostly in Ontario where they have 17 locations, with almost all of them in the GTA, and in BC where they have 13 stores. Their other locations are in Alberta, Quebec, and Nova Scotia.
A number of those stores were just opened in the past year. Miniso Canada held at least 20 grand openings across the country in 2018.
The Chinese discount store sells a big variety of products at low-cost including household goods, cosmetics, and super cute toys. They first came to Canada in 2017 with plans to open 500 stores in three years. While they haven't made that mark yet, this indicates future plans for more Canadian locations.