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Tuxedo retailer Syd Silver Formals bankrupt after 82 years in business
The Canadian Press
Dec 24, 2009 07:14:50 AM
Syd Silver Formals -- one of Canada's leading tuxedo retailers -- is going out of business after 82 years.
Silver started the business in 1927 with a single shop on Yonge Street in downtown Toronto and the chain grew to 17 stores.
In court documents filed in December, the company said it was a victim of increasing competition and a shrinking marketplace.
Syd's son, Michael Silver, said these factors "finally took its toll."
Almost 100 people will lose their jobs at Syd Silver, which will begin formal liquidation proceedings sometime next week.
The company owed $4.5-million, according to the documents filed with the Ontario Superior Court of Justice on December 8.
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