20 - Sunday, May 7, 1995 -

yiex’s downsiz

THE WELL-KNOWN
Toronto-based “Dylex Ltd.
which filed for protection from
creditors early this year, closed
138 more stores across Canada
at the end of March,

By Carol Crenna
Contributing Writer

This included 45 Fairweather, all
seven Fashion Rack discount stores,
36 Tip Top Tailors and 32 Thrifty’s,
The closures total 190 of the 877
original stores,

Before it was given protection
by CCAA (Companies’ Creditors
Arrangement. Act) Dylex was
almost $350 million in debt.

‘Negotiations have been turbu-
-lent.with offers on debt payment
going from 45 cents on the dollar to
. the most recent 72 cents on the dol-
lar.

Landlord. giants such — as
Caitillac Fairview and Cambridge
protested against all previous deals,
banding together to come out with
a better one. They have been
offered: six months’ rent on aban-
doned spaces, with Dylex offering
a total of $20 million to cover it,
but. they are after cight months.
During ‘the influx, some of the
stores. originally: intended to close

“have been given a reprieve and
some not on the list have now been
. Closed.

Landlords cut deals on leases to

let some, Stay“open, ‘so us not to

“have multiple closures in one mall,
Back:. on the North Shore,

. Capilano ‘Mall stood to Jose three
-.stores’ with a Fashion Rack, ‘Tip
Top Tailors and Thrifty's located
there.

was closed.

ASK WAYNE

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e =
Pr Sites: desing bags can ‘be

drycleaned satisfactorily if the proper
precautions are followed. The exception
is a sleeping bag with a waterproof coat-
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ly be wet-cleaned. :

The shell or outer fabric is either cat-
ton, nylon, cotton and nylon, or cotton
and polyester. Most bags are filled with
fibers of either acrylic, polyester or nylon.

During the drycleaning process,
some bags will tose their im: ortant water
repellency quality, making it necessary to
retreat them. This is done by spraying on
a commercial dry-type repellent that {s
mixed with solvent.

Furthermore, bags must be thor-
oughly deodorized before their use. This
explains why drycleaners do not offer

“overnight cleaning of sleeping bags.

If sleeping bags are washed at horne,
special care must be taken. In fact, too
much mechanical action can cause the
synthetic fibers to lump together.
‘Therefore, short washing procedures and
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~ However, only the Fashion Rack |

North Shore News

No Tip Top Tailors in B.C, are
reported to be in danger of closing
and though Thrifly’s in’ Capilano
Mall was closed for several weeks,
it was given a reprieve and has
recently reopened,

Capilano Mall manager Richard
Wood stites that negotiations are
still in the works to fill the space
leased by the Fashion Rack.

The large space it occupied,
approximately 7.000 sq. ft, will
likely be divided and leased to
more than one new tenant,

Wood expressed surprise that
The Fashion Rack stores were
closed since he said they were
doing very well. He suggested that
since the concept was new to Dylex
and was the smailest of the chains,
it was therefore abandoned,

The latest news is that a refined
restructuring plan recently took
control of the family-owned com-
pany away front its founders, the
Posluns.

A management company named
River Road (Canada) L.P. has
offered to buy up any new shares
not purchased by shareholders or
creditors, who already own a sub-
stantial amount of the firm's
shares, This would include the 16
million new common shares avail-
able fora $40 million equity offer-
ing to the shareholders and credi-
tors. :

Dylex’s board of directors has
been reappointed, putting in ques-

tion the future in the company of

David and Wilfred Postuns and the
original directors.

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i

ing duel

i

66 Dylex's board of
directors has been
reappointed, putting
in question the future
in the company of
David and Wilfred
Posluns and the origi-
nal directors, 9?

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