Danier Leather will close its stores in Toronto malls if it cannot sell them. Danier announced Thursday that it has begun insolvency proceedings under the Bankruptcy and Insolvency Act. The stores remain open and all creditor claims are on hold pending the outcome of the proceedings The company has suffered losses over 24 months and sought to refinance in June. In July, Danier hired an investment banking and financial advisory firm to explore strategic alternatives. Analysts are not optimistic.
