Laura owns Laura, LauraPetites and MelanieLyne.

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It has 150 stores in Canada, and earlier said it would turn off some of its poor stores and plan to continue its operations in the restructuring.

Laura acknowledges that its losses from 2012 to 2013 are huge, but KalmanFisher, chairman of the board, said that its performance has picked up since then.

"We will restructure our business segments and look forward to continuing to serve our customers in a better financial position."

Fisher said at the press conference.

"Our customer loyalty is very high, and they give positive feedback to our efforts in different financial situations," he said.

However, he did not disclose how many stores will be closed.

According to the Canadian company's creditors arrangement, Laura will be immune from the prosecution of creditors during the restructuring period.

It is understood that Canada

Competition is fierce. Over the past two years, many retailers have been defeated, including chain stores Sears and Target. The former is shutting down some shops, which have been withdrawn from Canada in full.

Insiders revealed that the new

Continuous influx and the rise of online sales have made Canadian fashion retailers hit hard.

Recently, Mexx Canada declared bankruptcy, and Jacob only retained Canada's online business.

Last week, JonesNewYork announced that it had found a seller for its Canadian business, while BikiniVillage had been acquired by LaVieenRose.

According to public information, Laura was established in Montreal in 1930, and became a chain clothing store in the country in 1990s. It is still a family business in 1930.