Miniso to Keep Canadian Stores Open After Reaching Interim Deal

Miniso Guangzhou LLC has reached an interim agreement with Miniso Investments Inc., Migu Investments Inc., and Miniso (Canada) Store Inc. to keep Canadian Miniso retail stores open instead of heading to court. Miniso Guangzhou LLC had filed court documents with the Supreme Court of British Columbia to force the three entities into bankruptcy, accusing them of fraudulently transferring registered trademark rights to third-party corporations, disposing of inventory, and ceasing to meet liabilities. The filings alleged the Canadian franchise owed US$2.4 million in loans and US$13.3 million in inventory. According to the lawyer for Miniso Guangzhou, the interim agreement will keep stores operating while working towards a long-term solution. Miniso is a Chinese low-cost retailer and variety store chain based in Guangzhou, China. There are about 50 stores in Canada, and the brand had promised to open 500 more within three years when it started operating in 2017.

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