Canadian clothing retailer Jacob filed for bankruptcy on May 6, 2014. The company, which was under creditor protection beginning in 2010, failed to find new financiers or to make its business profitable.
Jacob Inc. filed for bankruptcy in 2014 with plans to liquidate its inventory and close all of its 92 stores spread across Canada. The company was unable to overcome its financial problems partly due to the effect of a challenging economy. The influx of international brands such as Yorkdale, Target and Kate Spade New York increased competition in the clothing retailers market in Canada and contributed to the decline of Jacob Inc. The company opened its first store in 1977.