Co-op grocery store in Labrador City to close as part of CCAA proceedings - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

Co-op grocery store in Labrador City to close as part of CCAA proceedings

Co-op Atlantic lays off 400 employees
Carol Wabush Co-op closing, more layoffs in Lab West as a result. Co-op Group initiates proceedings under the Companies’ Creditors Arrangement Act (CCAA) with KPMG appointed as Monitor.

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In another round of bad news for Lab West it was recently announced that the Carol Wabush Co-op grocery store is closing.

This is one of four corporately owned stores in Atlantic Canada closing its doors and does not affect the 49 Co-op member stores, most of whom now use Sobeys as their wholesaler.

The Co-op Group has successfully obtained an order from the Court of Queen’s Bench of New Brunswick initiating proceedings under the Companies’ Creditors Arrangement Act (CCAA) with KPMG appointed as Monitor.

This is the latest in a string of bad news for those living and working in Lab West and there is no doubt there are people wondering what to do next as the bills continue to come due.

If you’re in Lab West, Labrador City or Wabush, and are wondering what options are available to you for dealing with your debt contact Sean to discuss your options. We can talk about whether bankruptcy or a consumer proposal is right for you. Email sean@srstack.ca or call toll free 1-844-610-5500.

FOR MORE INFORMATION HERE IS THE ARTICLE FROM CBC.CA

Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]