A Canadian courtroom has accepted the Atallah household’s bid to retain possession of Ssense, guaranteeing the posh e-tailer will stay underneath the management of its founders when it emerges from chapter safety, the corporate introduced on Sunday.
The bid, by co-founders, Rami, Firas and Basel Atallah and a Canadian multi-family workplace, is anticipated to shut by Feb. 13, pending courtroom and regulatory approval, the corporate stated.
“The day-to-day leadership remains unchanged with our existing executive team under the transaction,” the chief crew stated in an inside memo despatched to staffers on Saturday. “This outcome will allow us to provide continuity and stability for our customers, suppliers, partners, and you, our employees.”
Ssense filed for Canada’s equal of chapter safety in September owing greater than $200 million in debt to banks and model companions, a transfer supposed to preempt a authorized manoeuvre by the corporate’s collectors to power a sale. It was a surprising improvement for a retailer that had been valued at $4.5 billion simply 4 years earlier, and had carved out a distinct segment inside luxurious vogue stocking a mixture of established and rising manufacturers that appealed to youthful customers.
The restructuring got here on the heels of Italian on-line retailer LuisaViaRoma’s chapter earlier in 2025, and performed out amid the worsening monetary troubles at Saks Global. The American division retailer operator, by far the most important pure luxurious retailer in North America, is reportedly making ready to file as quickly as this week and is wanting to elevate a minimum of $1 billion to proceed working. Still, many manufacturers that promote by means of Saks concern they might lose out on tens of millions of {dollars} in merchandise and unpaid inventories relying on how the chapter course of performs out.
Ssense’s restructuring represents one thing of a best-case state of affairs: since September, the corporate has used its interim financing to proceed operations, and its sale to the Atallahs would guarantee continuity as soon as it emerges from chapter. While many manufacturers say they nonetheless haven’t been paid for his or her Spring/Summer 2025 collections, Ssense made pre-payments for Fall/Winter 2025 and Spring/Summer 2026 stock, in accordance to 5 model companions and two present staff.
Staffers have been informed final October that the corporate’s gross sales have been up 17 % above an unspecified aim for that month. But the corporate additionally stated product listings have been down 12 months on 12 months “due to a slower start on FW25 payments,” in accordance to an inside doc considered by BoF. Ssense’s month-to-month gross sales within the US dropped greater than 60 % 12 months on 12 months from September by means of December 2025, in accordance to debit and bank card transaction knowledge from Consumer Edge.