White Rose Home Garden Center
White Rose Home Garden Center was a garden center chain in Canada that went out of business.
Before having the financial troubles, White Rose Home and Garden Centres were traded publicly on the Toronto Stock Exchange, from where they were delisted in 1999.
The shares were in fact traded under the company's former operating name of White Rose Crafts and Nursery Sales Ltd.
The delisting came at the same time as the company was restructuring under bankruptcy protection.
The troubles became apparent in 1998, when White Rose went to courts to seek court protection from creditors in November of 1998, struggling with a $78.5 million debt load and money-losing operations that could not cover the payments on those debts.
The closedown operation started in February of 1999, as the company started by closing 10 of its 42 retail stores.
The store chain had a long history behind it. Originally, Alexandre Raab immigrated to the Toronto area from France in 1954 and founded the chain that became known as White Rose Crafts and Nursery Sales Ltd. in 1957.
The company did emerge from the initial bankruptcy to operate during 2000 to 2002 period, during which they replaced many of the craft items with items for home decorating in the stores and also launched nine spring garden centres in mall parking lots.
However, second bankruptcy filing for the company came on June 20, 2002.
A new owner emerged for the chain of retail stores, and a new company, White Rose Home and Garden Centres Limited, purchased 24 of the company’s retail stores. According to some online reports, the new owner behind the purchase was was Iqbal Kassam, a Vancouver businessman.
In February 2004 White Rose closed another nine stores, for a total of 15. Later the same year, however, the company went into receivership for the third time.
From White Rose Home Garden Center page to Asphalt Guide index