Pool & Spa Marketing - Long-time Quebec pool builder declares bankruptcy

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May 13, 2010

Long-time Quebec pool builder declares bankruptcy

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Piscines Val-Morin, a Quebec retailer of swimming pools and hot tubs, has declared bankruptcy and is currently undergoing liquidation.

Piscines Val-Morin, a Quebec-based swimming pool and hot tub builder and retailer is closing its doors after a failed proposal under the Bankruptcy Act.

The company, which specialized in above-ground and inground pools, spas, patio furniture and barbecues, has been in business for 37 years, with locations in Laval, Pierrefonds and Dorion.

Over 200 full and part-time employees have been affected by the closure. A liquidation of over $5 million in inventory is presently underway at the company's three locations.

According to a report in the Montreal Gazette, Piscines Val-Morin has been in creditor protection since Dec. 15, 2009, and the company's creditors were asked to vote on a proposal in February. Superior Court documents showed the company's debts exceeded assets by $2.2 million and that it lost $2.6 million in 2009 after making minimal profits the previous two years.

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