Swimco goes bankrupt after 45 years in business

Calgary-based Swimco has gone bankrupt after 45 years in business.

The swimwear retailer had filed a notice of intention to restructure in June, when it had closed five of its 25 stores, but was unable to make a viable proposal, according to a notice posted to the swimwear retailer's website. Deloitte has been appointed as trustee to handle the bankruptcy.

"It's time we say, sea you later," the website states."Canada is a country built on family business, and with that drive and determination we will see bluer skies and greener seas in the future."

In a June court filing, Swimco Group estimated it had $6.5 million in unsecured claims,including $1.6 million in landlord rent.

The company's online store remains open, with all products marked 45 per cent off.

Swimco started selling swimsuits through the mail in 1975, before opening its first store in Calgary in 1982.

It had stores in Alberta, B.C., Saskatchewan, Manitoba, and Ontario.