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Monday September 29th, 2014

Posted at 2:06pm

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XS Cargo Location in the Ambassador Plaza at Huron Church and Tecumseh.

All 50 XS Cargo stores are closing including the two in Windsor.

The Canadian deep-discount store chain that had filed for protection against creditors on July 30, 2014.

“Unfortunately, efforts to restructure the business did not result in an economically sustainable model, so the company determined that liquidation was the only option at this juncture,” said Bradley Snyder, Executive Managing Director of Tiger Capital Group, which was appointed by the company to run the going-out-of-business sale. “This creates a tremendous opportunity for consumers to get unprecedented discounts on XS Cargo’s already-low prices on a wide variety of merchandise.”

Effective immediately, all items will be discounted, with selected items offered at up to 40% off the lowest ticketed price.

“Fresh merchandise from the distribution centers will be arriving daily into the stores,” added Snyder. “We urge the public to get into the stores early to take advantage of the widest selection of merchandise. At these significant discounts, we believe that all merchandise will be sold very quickly.”

At the time of its filing for creditor protection, XS Cargo employed 650 people, including 195 full-time workers. In its filing, the company stated that its financial condition deteriorated in the wake of increased competition in the discount retail sector. “During the past six months or so, the Group experienced a downturn in sales due to the emergence of a large well-known American discount retailer who entered the Canadian market along with increased competition from well-established traditional retailers who have significantly increased their tactical promotional activities,” the company said in August. “Both of these factors contributed to difficulties in the Group executing its turnaround strategy.”

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