VANCOUVER - Chinese discount retailer Miniso has filed an application seeking to begin bankruptcy proceedings for the Canadian operations of the business.
Miniso (Inspired By Maps / Shutterstock.com)
In Supreme Court of British Columbia Court filings, Miniso Guangzhou LLC says it is attempting to initiate the proceedings because Miniso Investments Inc., Migu Investments Inc. and Miniso (Canada) Store Inc. have fraudulently transferred registered trademark rights to third-party corporations, disposed of inventory and ceased to meet liabilities as they came due.
The filings, which have not been proven in court, also say Miniso Guangzhou LLC is owed the Canadian equivalent of US$2.4 million in loans and US$13.3 million in inventory.
Filings say the defendants operate about 50 stores selling Miniso products in Canada and have another 10 locations in the process of opening.
A Miniso spokesperson and a lawyers representing both sides did not respond to The Canadian Press's requests for comment.
Miniso first entered the Canadian market last year with promises to open 500 locations within three years.
