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Retailer Files for NOI
Actons olde Hide House files for protection under the BIA
TORONTO - Acton's famous olde HIDE HOUSE now with stores in Toronto and Vaughan, Ontario has filed an NOI (notice of intention to make a proposal to its creditors) under the Bankruptcy and Insolvency Act. The well known Ontario retailer, is hopeful that it can restructure its operations and continue to service the Southern Ontario marketplace from, at the very least, its flagship store in Acton. In the interim, the company must clear inventory immediately.
John Brison, president of the HIDE HOUSE, commented "It is with a great
deal of regret that, due to extremely difficult business conditions this past
fall and early winter, we have resorted to provisions of the BIA in order to
allow the company the necessary time to reorganize its finances, reduce its
existing cost structure and, in turn, restore future profitability and
viability to the business." The firm of Ira Smith Trustee & Receiver Inc. has
consented to act as monitor under the proceedings. Brison also went on to say
that "warm weather early in the season, cross border shopping and increased
overheads from expansion created a perfect storm of negative business
variables during the fourth quarter of 2007." The company's complete inventory
is being liquidated under the direction of Danbury Sales, a well known
liquidation firm, from all three HIDE HOUSE locations; Acton, Ontario (the
original location); downtown Toronto on King West; and just north of Toronto,
in their newest showroom in Vaughan. Their 2007/2008 fashionable leather
collection of short and full-length coats; leather and suede sportswear;
shearlings; bombers; motorcycle apparel; wool coats; accessories plus their
entire line of quality hand-crafted leather sofas, chairs, recliners,
ottomans, accent pieces and dining room suites is being sold at great
discounts.
The HIDE HOUSE story began in 1829 when three brothers from New York
(Rufus, Zenas and Ezra Adams) moved north and acquired parcels of land
north-east of Guelph, Ontario from the Canada Company. By 1842, they had
amassed 500 acres in the newly created 'Adamsville'. By 1844, a Post Office
was built and the town's name officially became Acton. In 1856, the Grand
Trunk Railway arrived as did George L. Beardmore who updated an existing
leather tanning operation with newer buildings and machinery to create the
most modern tannery of the time. Before long, the leather business was the
major industry in Acton and, by the turn of the last century, housed the
largest tanning operation in the entire British Empire!
In 1899, the company built the existing "HIDE HOUSE" building as a
tannery warehouse. Raw hides were brought in by rail and properly stored there
to await transportation by horse-drawn carriages to the tannery for
processing. In 1980, Frank Heller and Company, a split leather manufacturer,
moved their operations out of the building and an extensive restoration
transformed the historic building into a flagship showroom that showcased
Acton's leather industry heritage and presented a unique shopping experience
that enticed visitors from across the immediate area and afar into other
provinces and the U.S.A. The popular slogan "It's worth the drive to Acton"
has become part of the local lexicon and fashion consciousness in Ontario and
beyond.
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