E-commerce retailer Beyond the Rack obtains creditor protection
Montreal-based e-commerce fashion retailer Beyond the Rack has filed and obtained creditor protection.The document was filed in Quebec superior court under the name 7098961 Canada Inc. (Beyond the Rack’s new legal name).
According to sources, Beyond the Rack is seeking a buyer after burning through $100 million in venture capital funding.
Launched in 2009, Beyond the Rack sells a range of fashion, beauty and home products through its website. The company however, has apparently never been profitable.
Beyond the Rack’s Facebook page is full of customer complaints concerning orders that were never received.
Last week, an ex-employee told Montreal radio station CJAD that they had been laid off without notice or severance due to “tough financial times”.
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