Bombay and Bowring stores will close as the company is in debt.
The Bombay Company said it will liquidate all of its US stores but keep the Canadian stores open under an auction deal that seeks court approval this week.
The winning bid involved Hilco Merchant Resources and Gordon Bros., as well as Canadian furniture, housewares and gifts retailers Bowring and Benix & Co.
Bombay expects to begin store closings sales this week once it submits the agreement for U.S. Bankruptcy Court approval.
The intellectual property rights and real estate assets are not part of the proposed deal.
Bombay is sold online and through a number of stores.When the company had 441 stores as of February 3, 57 of them were in Canada.
This is a difficult day for Bombay in the United States, but we are glad that we have found a solution that will help provide most of our U.S. employees with continued work through the all- important holiday season, while also preserving the Bombay name and continuing the company's successful
He thanked the company's employees, who have remained committed to serving their customers.
Bombay is one of the most respected retail brands in Canada, and the acquisition of Bombay Canada by Bowring and Benix strengthens our position as Canada's leading home retailers.
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