Jacob, supplier of inexpensive women’s wear, is going out of business (and selling off all its stuff)
Canadian chain Jacob had its heyday around 1998, when Toronto women knew it as the place to stock up on pin-striped palazzo pants and $30 sweaters. Then three international big-box clothiers hit town: Zara in 1999, Old Navy in 2001 and H&M in 2004. The influx of cheap, trendy women’s wear meant rough times for the family-owned chain. It closed 52 of its Canadian shops in 2008 and filed for court protection from creditors two years later. Now, after 35 years in business, the company has filed for bankruptcy. According to a release circulated yesterday, all 92 Canadian Jacob outlets will be shutting down in the coming weeks. It’s not exactly shocking news, but still a bit sad for those who remember the chain at its prime. On the plus side, anyone looking for okay-fitting work clothes in muted tones may be in luck: a big liquidation sale is happening tomorrow, May 8, at the chain’s Bloor Street and Yorkdale outlets, with all stock marked down by 40 per cent.