XS Cargo, a warehouse retailer that was headquartered in Mississauga, Ontario, closed all of its 50 locations in Canada in September 2014 after filing for bankruptcy in July of that year and failing to adequately restructure the business in the following months. Before XS Cargo's closure of its stores, the business had discount shopping locations in eight Canadian provinces, including British Columbia, Saskatchewan, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia and Newfoundland.Continue Reading
XS Cargo's final liquidation sale took place in September and October of 2014, under the supervision of Boston's Tiger Capital Group LLC. Price Waterhouse Coopers, the firm that oversaw XS Cargo's bankruptcy filing and subsequent store closures, released a statement that blamed XS Cargo's financial troubles on increased competition within the Canadian market from American big-box retailers such as Target and Walmart.
XS Cargo utilized a similar business model to these other larger multinational firms, with an item lineup that included consumer items in sectors such as houseware, home décor, home electronics and furniture. XS was founded in 1996 with stock and physical locations acquired from other retailers' bankruptcy sales. The company had 650 employees at the time of its bankruptcy filing, including 195 that were full-time contract workers.Learn more about Canada