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Dack's Shoes: Bankrupt

post #1 of 40
Thread Starter 
Canadians will know Dack's as a premium (if not stylish) men's shoe maker.

They filed for bankruptcy protection last week. After 175 years in business.

Apparently, they will liquidate remaining inventory in their six stores - four in Toronto and two in Alberta. They also carried Church's, at very high prices.

In 1988, a Dack's manager at the Yonge / St. Clair store showed me that I was a 9B, not an 8D. I owe him a lot.
post #2 of 40
They have Church's? Damn, need to go figure out my size.
post #3 of 40
Sad news, but not surprising. I don't think I stepped foot in Dacks in over ten years (bought a pair of brown Sebego Penny Loafers at the Sherway Gardens location in the late 1990s). The big problem they had was the lack vision and direction (are they a shoe maker or retailer?) that sort of afflicts certain segment of Canadian businesses. I also found Dack's high private label line little blah compared to Allen Edmonds which is in the same price point.
post #4 of 40
This is sad. Dack's didn't run a great business, but Canada sure can't afford to lose any of its offerings of quality shoes.
post #5 of 40
I am in mourning.
One of many articles on this sad news.
(Original article link is here: http://www.newswire.ca/en/releases/a.../16/c3493.html)


Dack's Custom Grade Men's Shoes Since 1834

Top Brand Name Men's and Ladies Shoe and Boot Stores slip into Bankruptcy

TORONTO, Dec. 16 /CNW/ - A very reputable Canadian name in men's footwear, Dack's Shoes, in business since 1834, has gone into bankruptcy. The longevity of the company has not allowed it to escape the financial issues that have plagued this industry for the past decade. This well-known and respected Canadian retailer, synonymous with high quality footwear for men, will be closing all six (6) of the remaining Canadian stores after liquidating the entire inventory.

Declining market share and overhead, compounded by economic conditions have made the retail market very unstable. Consequently, Dack's Shoes Limited filed for Bankruptcy on Dec. 9th, 2009. Starting immediately, there will be a chain-wide liquidation of all merchandise at the four Toronto and the two Alberta stores.

The story of Dack's Shoes for Men reads like a history of southern Ontario. It began at the turn of the 19th century, when Matthew Dack emigrated from Stradbally, Queen's Country, Ireland to Kingston, Ontario where he began a boot and shoe business.

In 1834, Matthew moved to "Muddy York" - the same year it was renamed Toronto. Toronto boasted a thriving population of 10,000 then. The first Dack's store opened at the Corner of King and Jordan Streets in downtown Toronto, where Dack, with good workmanship and the finest leathers, crafted a very successful men's shoe business.

In more recent history, Dack's has tried to restructure and bring in new business. For 175 years, Dack's had been a Men's Shoe Store, until they introduced Women's shoes in order to increase sales. Although introducing new lines did create a steady increase in sales, trying to restructure and capture future market share during this time of global economic downturn and vastly reduced consumer spending have proved impossible.

The Dack's Liquidation Sale is being conducted by Danbury Sales and will continue until all stock is sold. All men's and ladies shoes are fifty percent (50%) off the regular retail price with exception to the men's exclusive Bench-Made Dack's and Church brand shoes being twenty-five percent (25%) off. Never in the history of the company has the Dack's and Church shoes entire inventory been discounted at this level at all existing locations.

Current Store Locations:

Toronto
104 Yonge Street
2614 Yonge Street

Scarborough
Scarborough Town Centre, 300 Borough Drive, Unit 209

Mississauga
Square One Shopping Centre, 100 City Centre Drive

Edmonton
West Edmonton Mall, (8882-170 Street, Edmonton, Alberta)

Calgary
Bow Valley Square 4, (250 6th Avenue S. W. - Ste. 183, Calgary, Alberta)

For further information: Jonathan Ordon, Tel. (416) 630-5241, E. jordon@danburysales.com, Web. www.danburysales.com
post #6 of 40
Quote:
Originally Posted by Working Stiff View Post
This is sad. Dack's didn't run a great business, but Canada sure can't afford to lose any of its offerings of quality shoes.

If I've learned anything, it's that companies with a long standing reputation tend to get bought out, and their name cheapened by "improvements" to the brand. Things like lowering quality standards to cut costs, trying to update to fit fashion trends, etc. I wouldn't be surprised if someone snaps up Dacks.
post #7 of 40
The economy my a$$...you charge 2 to 3 times (or more) for the same shoe you can buy online or from ebay? And you wonder why you go out of business? I have bought 4 pairs of shoes, and 2 pairs of chukkas this year - none of them from Canada. Until Canadian retailers get their you- know-what together, they are going to continue to get creamed...brooks brothers just arrived and j crew is on its way, I think they see the writing on the wall...
post #8 of 40
Thread Starter 
No offense to Danbury Sales, who are very successful liquidators, but only 25% off Dack's bench-made and Church's? I think they will have to do better to clear out the inventory.

Anybody think we'll suddenly see some higher-end shoes at Winners in 2010?
post #9 of 40
Quote:
Originally Posted by WildeMan View Post
No offense to Danbury Sales, who are very successful liquidators, but only 25% off Dack's bench-made and Church's? I think they will have to do better to clear out the inventory.

Anybody think we'll suddenly see some higher-end shoes at Winners in 2010?

25% is liquidating?
post #10 of 40
Quote:
Originally Posted by Chargersfan View Post
The economy my a$$...you charge 2 to 3 times (or more) for the same shoe you can buy online or from ebay? And you wonder why you go out of business? I have bought 4 pairs of shoes, and 2 pairs of chukkas this year - none of them from Canada. Until Canadian retailers get their you- know-what together, they are going to continue to get creamed...brooks brothers just arrived and j crew is on its way, I think they see the writing on the wall...

I have to agree with this fully. Given that we've had the canadian dollar pretty much at par twice in the last yr or so, there's no rational reason for someone to walk into a store and pay 2-3 times the price that can be bought either online, or a few hrs drive to the States.

I have zero sympathy for this company. It's a global marketplace so adjust accordingly.
post #11 of 40
Quote:
Originally Posted by Philip1978 View Post
25% is liquidating?

Apparently in Canada.

Quote:
Originally Posted by Syl View Post
I have to agree with this fully. Given that we've had the canadian dollar pretty much at par twice in the last yr or so, there's no rational reason for someone to walk into a store and pay 2-3 times the price that can be bought either online, or a few hrs drive to the States.

I have zero sympathy for this company. It's a global marketplace so adjust accordingly.

I agree with you. I feel the same way about all the Hs (Holt, Harry, Henry). You're going to charge 25-40% above the US retail price? And your idea of a sale is 10% off?

I walked into the new Alberta Holt flagship earlier this week. Spent about three minutes on the men's floor and had seen enough. Price notwithstanding, the selection is terrible. Canadians don't know brands. I am not interested in Gucci shoes. Take me to Barney's any day.
post #12 of 40
Quote:
Originally Posted by unjung View Post
Apparently in Canada.



I agree with you. I feel the same way about all the Hs (Holt, Harry, Henry). You're going to charge 25-40% above the US retail price? And your idea of a sale is 10% off?

I walked into the new Alberta Holt flagship earlier this week. Spent about three minutes on the men's floor and had seen enough. Price notwithstanding, the selection is terrible. Canadians don't know brands. I am not interested in Gucci shoes. Take me to Barney's any day.

Holt's in Toronto carries lobb's now. It's getting better.
post #13 of 40
Quote:
Originally Posted by Chargersfan View Post
The economy my a$$...you charge 2 to 3 times (or more) for the same shoe you can buy online or from ebay? And you wonder why you go out of business? I have bought 4 pairs of shoes, and 2 pairs of chukkas this year - none of them from Canada. Until Canadian retailers get their you- know-what together, they are going to continue to get creamed...brooks brothers just arrived and j crew is on its way, I think they see the writing on the wall...

Alas it's Canada's passion for mediocrity that kills us in retailing. I too am waiting for J Crew to show up.

Dack's kiss of death was poor management choices by the owners. They could have been our answer to Alden but instead stuck with staid (and expensive) house brand styles and carried other brands that could be purchased cheaper through other channels. Not a winning business strategy.
post #14 of 40
As an example, I just bought a pair of AE Bel Air's in walnut online for 200 US + shipping (28). The only place I saw them in Canada was Harry Rosen in Yorkdale...price $450 + 13% tax. What ticks me off is that I probably could have got them for even less than the $200 at a US outlet store - but you gotta do what you can with what you have. It does not take a genius to do the math on that one.
post #15 of 40
Quote:
Originally Posted by Chargersfan View Post
As an example, I just bought a pair of AE Bel Air's in walnut online for 200 US + shipping (28). The only place I saw them in Canada was Harry Rosen in Yorkdale...price $450 + 13% tax. What ticks me off is that I probably could have got them for even less than the $200 at a US outlet store - but you gotta do what you can with what you have. It does not take a genius to do the math on that one.
You scored on the pair of Bel Airs, it also proves Canadian retailers are still ignoring the fact both Canadian and American dollars are less than 10% apart.
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