The Forzani Group Ltd. said that Athletes World Limited, a national retailer of athletic and recreation footwear and apparel it acquired out of bankruptcy in November, 2007, has emerged from CCAA protection.
CCAA is the Canadian equivalent of Chapter 11 of the U.S. bankruptcy code, which allows companies to reorganize under court protection. In its most recently completed fiscal year, Athletes World generated $186 million in revenues.
Over the last six months The Forzani Group Ltd has worked with Athletes World Ltd to restructure the organization and its finances. The changes ensure Athletes World is well-positioned to return to profitability. Going forward, the organization will focus on growing and re-establishing its position as a premiere retailer of athletic and 'trend right' street lifestyle footwear and apparel.
