Martin Ross Group files for protection from bankruptcy

Martin Ross Group had released an official statement that it will no longer distribute products manufactured outside Canada, and will focus on distributing Canadian-made brands.

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Manufacturer Martin Ross Group has applied to Companies’ Creditors Arrangment Act (CCAA) to seek protection from bankruptcy and to restructure its business. The company acquired Libman & Co. in 2010 and later in 2012, was named as a manufacturer of the Forevermark brand in Canada.

Martin Ross Group also acquired HR’s independent jewellery division, including Canadian Rocks. In May of this year, Martin Ross Group had released an official statement that it will no longer distribute products manufactured outside Canada, and will focus on distributing Canadian-made brands.

According to Anita Agrawal of Best Bargains, the factors that most likely played a part in this latest development include consumer purchasing behaviour and a lack of government protection for our trade.

“I think this is something we have seen coming, as a Canadian manufacturer myself, for the last 10 years or so,” says Agrawal. “We have consumers that we’re not communicating with properly, that are under the age of 40 and they’re not buying real jewellery. We’re not giving them a value incentive or a value proposition in terms of what are they getting from jewellery, what are the benefits of buying something that’s real jewellery?”

“When it comes to any manufacturing industry, there is so much global competition. Over the last ten years, we’ve seen the rise of foreign companies coming into Canada to sell their products. And I think that’s totally fine. However, it does put a lot of pressure on small Canadian manufacturers, or larger Canadian manufacturers, as in the case of Martin Ross, to either compete with their prices or hurt their workers. I firmly believe in having good workers, investing in good workers, but it is really hard for us as well. I think that being a manufacturer means that you’re competing with all sorts of ethical labour practices.”

Agrawal also adds that large department stores and companies have a responsibility to invest and buy Canadian.

“I think it’s important to have that element. That pride. ‘Made in Canada.’ Where is that?” CJ

 

 

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