Ingledew’s bankrupt, closing after 102 years
Posted May 8, 2017 3:24 pm.
Last Updated May 8, 2017 3:28 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – After 102 years in business, Vancouver shoe retailer Ingledew’s has declared bankruptcy and is closing its doors.
In a statement on the Ingledew’s website, chief executive William (Bill) Ingledew says the increased costs of rent, construction and staffing have presented unprecedented challenges to retail businesses.
“Unfortunately, our little company has, over the past few years, increasingly felt the impact of the rapidly changing retail environment. Rents and wage costs have escalated at an alarming rate while sales in most of our stores have faltered. Even our entrance into the world of online sales could not stem the tide of slowly eroding revenues.”
Ingledew also says rapid advances in technology have changed the way consumers buy goods, and compromised effective communication with customers.
“To those of you who have favored us with your patronage over the years, I am extremely grateful as you have enabled our family to provide meaningful employment to hundreds of outstanding individuals over our 102 years.”
The business will be liquidating its inventories and assets and closing its six stores over the next few months.
