Parties
Company
Inscape Group
Company
Alvarez & Marsal Holdings, LLC
On January 12, 2023, Inscape Corporation, along with its subsidiaries Inscape (New York) Inc. and Inscape Inc., collectively referred to as the Inscape Group, was granted protection under the Companies' Creditors Arrangement Act (CCAA) on January 12. The group, which primarily manufactures and distributes office furniture in the United States and Canada, faced significant operational difficulties due to the COVID-19 pandemic. This led to a steep decline in both the volume and size of orders as the return to office spaces was slower than expected and many businesses adopted permanent remote work policies. The pandemic exacerbated existing supply chain issues and liquidity constraints, causing delays in fulfilling orders and completing customer projects. The Inscape Group's headquarters is located in Holland Landing, East Gwillimbury, Ontario, with additional operations across the United States. Over 90% of their sales are to U.S. customers. The CCAA proceedings will enable the Inscape Group to manage the liquidation and cessation of its business and assets in an orderly manner. A&M has been appointed as the monitor. Legal advisories for the process include Aird & Berlis for the monitor, Miller Thomson for the Inscape Group, Hicks Morley as employment counsel, and Gowling WLG for the directors and officers of the group.
Deal Type
OtherIndustry
OtherTransaction
Undisclosed/ConfidentialDeal Status
ActiveClosing Date