HENRY’S ANNOUNCES RESTRUCTURING PLANS WITH STRATEGIC FOCUS ON THE FUTURE

Henry's plans to close seven of its stores and will continue to focus on its ecommerce operations and will be reopening the remainder of its 22 stores across Canada when the COVID-19 situation allows.

TORONTO – Henry’s, a division of Cranbrook Glen Enterprises Ltd, today announced a strategic restructuring to improve efficiencies across the business and ensure future success in a post-pandemic world.

As part of the restructuring, the company has filed for creditor protection through the filing of a Notice of Intention to Make a Proposal (“NOI”) and will be undergoing a reorganization of its business affairs to be better positioned for future success.  Henry’s plans to close seven of its stores and will continue to focus on its ecommerce operations and will be reopening the remainder of its 22 stores across Canada when the COVID-19 situation allows.  The company is taking the necessary steps to ensure the long-term success of the business, its customers, its employees and its suppliers.

“The effect of COVID-19 on the economy is unprecedented. The Canadian retail industry has been one of the hardest hit sectors and Henry’s has felt a dramatic impact.  We closed our brick-and-mortar locations to keep our customers and employees safe due to the pandemic, which resulted in a significant impact to sales while still bearing the ongoing operating costs,” said Gillian Stein, Chief Executive Officer at Henry’s.

“Given the current reality, we wanted to act swiftly and decisively to improve efficiencies across our business and ensure we hit the ground running when life in Canada returns to normal. By restructuring our company and making these key changes, we’re confident that Henry’s will emerge from this crisis a stronger, well positioned business and able to save Canadian jobs and support Canada’s creative community.”

Today’s announcement is expected to have no impact on Henry’s customers as henrys.com will still be operational and the 22 remaining stores across Canada will reopen when the COVID-19 crisis allows.  Gift cards will still be able to be redeemed, all store warranties will be honored, and sales operations will continue to function.  For those who live in areas where Henry’s stores will be closing (CoquitlamLangley and Victoria in British Columbia, and BramptonMarkhamNepean and Sudbury in Ontario), are encouraged to visit Henrys.com, which is continuing operations to serve them or to visit one of our 22 other locations when they reopen after the COVID-19 situation allows.

About Henry’s

Proudly Canadian, family owned and operated, Henry’s first opened its doors in 1909 and has evolved into the leading specialty digital imaging retailer in Canada. With locations across Canada and a strong B2B and ecommerce business, they are the source for the best and newest products, expert advice and award-winning customer service in camera-related hardware and accessories for photography, videography and online content creation.  Henry’s carries over 15,000 imaging-related products across all the top brands and is the source for creators across Canada.  For more information please visit henrys.com.

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