Jacob Inc., the Montreal-based women's clothing chain, has filed for bankruptcy and will shut down 92 stores across Canada, according to a statement made to employees yesterday.
1500 people will lose their jobs.
There are over 10 Jacob stores on the island of Montreal, meaning many a Montrealer will be included in that total.
The tough economy and competition from international brands have been cited as the major causes for Jacob Inc's bankruptcy.
All stores will be emptying out their inventory over the coming weeks, so look for huge closing sales at your nearest Jacob retailer. At least the public will get some savings off the whole thing. There's a silver lining to everything.
Are you surprised?
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