Miniso Canada says it has reached a preliminary agreement over a bankruptcy application filed against it by its Chinese parent company.
Miniso China’s bankruptcy application was filed on December 12 in the Supreme Court of B.C. following what it said were fraudulent business dealings by Miniso Canada, including transferring and hiding assets. The parent company claimed Miniso Canada had debts of over $20 million, reports Retail Insider, which noted that sources complained of “a pattern of unethical behaviour” by Miniso Canada.
In a statement on social media, Miniso Canada said reports of the bankruptcy application “contain information that is either inaccurate or not true,” and pledged to continue its operations in Canada.
“Miniso Canada and Miniso China have reached a preliminary agreement on December 13, 2018 to settle their business issues and are currently in the process of finalizing the details,” the company said.
Miniso launched in Canada last year with plans to open 500 stores across the country within three years.
Photo: Miniso Canada