Ontario · CCAA
Third Report of the Monitor dated November 12, 2025
Court officer report · 12 November 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing25 verified
- report date12 November 2025
- report noThird Report
- commencement date6 August 2025
- courtOntario Superior Court of Justice (Commercial List)
- court file noCV-25-00748871-00CL
- proceeding typeCCAA proceeding (Companies' Creditors Arrangement Act)
- provinceOntario
- statutory basisCompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- secured creditorsAdministration Charge up to $750,000 and Directors' Charge up to $3.3 million, ranking behind the Administration Charge.
- cash on handnote: approximately · amount: 4700000 · currency: CAD
- financial positionThe Applicant has approximately $4.7 million on hand, including proceeds from the Sale Transaction, held by the Monitor.
- receipts cumulativeamount: 8677000 · currency: CAD
- operational summaryThe Applicant no longer has any employees and its remaining directors and officers resigned or were removed on November 7, 2025.
- professional feesparty: Monitor (KSV Restructuring Inc.) · amount: 237014 · currency: CAD · excludes: HST
- cash on handnote: Includes proceeds from the Sale Transaction held by the Monitor; the report separately states the Applicant's own cash balance was approximately $4 million at October 24, 2025 (excluding approximately $1.4 million held by the Monitor), and that approximately $3.3 million was transferred to the Monitor on November 6, 2025. · amount: 4700000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Canadian Acquired Assets · outcome: completed · effective: 2025-09-18 · purchaser: Claire's Essentials Canada Corp. · date basis: stated · approval order date: 2025-09-16; scope: 73 of the 77 Eligible Canadian Leases · outcome: completed · effective: 2025-09-30 · purchaser: Claire's Essentials Canada Corp. · date basis: stated · approval order date: 2025-09-16; scope: four Eligible Canadian Leases (the Rejected Stores) · outcome: not_completed · effective: 2025-09-30 · date basis: stated · approval order date: 2025-09-16
- fee scheduleengagements: form: report_table · rows: · money: · period: end: 2025-10-31 · kind: interim · label: the Period · quote: For the Period from August 1, 2025 to October 31, 2025 · start: 2025-08-01 · approval: state: unstated · averages: rate: 677.22 · quote: the Monitor's average hourly rate for the Period was $677.22 · scope: Monitor · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. was appointed monitor of the Applicant · context quote: the Monitor's average hourly rate for the Period was $677.22; form: prose · rows: · money: · period: kind: unstated · label: Relevant Period · quote: during the Relevant Period · approval: state: unstated · averages: rate: 969.49 · quote: at an average hourly rate of $969.49 · scope: Goodmans · currency: · invoices: · firm text: Goodmans · firm quote: Goodmans expended a total of 273.8 hours in connection with this matter during the Relevant Period · hours total: quote: Goodmans expended a total of 273.8 hours in connection with this matter during the Relevant Period · value: 273.8 · context quote: Goodmans expended a total of 273.8 hours in connection with this matter during the Relevant Period, at an average hourly rate of $969.49.
- operational summaryThe Applicant sold its business and assigned 73 leases to the Canadian Purchaser, completed its liquidation sales and ceased operations on September 23, 2025. It now has no employees and its directors and officers resigned or were removed on November 7, 2025, so the Monitor is seeking expanded powers to wind down the estate and run a claims process.
- process resultslois: 5 · ndas: 69 · note: figures reproduced from the Second Report · as of: 2025-09-15
- professional feesnote: Excludes HST. Monitor's legal counsel Goodmans LLP separately billed $269,117 (excluding HST) for the same period. · party: KSV Restructuring Inc. (the Monitor) · amount: 237014 · period: commencement of the CCAA proceedings to October 31, 2025 · currency: CAD
- purchaserAWS Claire's LLC
- report date12 November 2025
- report noThird Report
- sale advisorHilco Merchant Retail Solutions, ULC, Gordon Brothers Canada ULC, and SB360 Capital Partners, LLC; Houlihan Lokey
- sale outcometext: Sale Transaction closed · scope: parcel · status: closed