The Corcoran Group of businessman Steve Morency, which specializes in the import and manufacture of solid wood furniture, is bankrupt due to “unfavorable market conditions”.
According to the bankruptcy notice published on the Bresse trustees website, the company has accumulated liabilities of $4.4 million. However, with assets of $1.8 million, this reduces the debt to $2.6 million. The first meeting of creditors will take place on November 15.
The file lists 35 creditors, the main of which is the Caisse Desjardins des Rivières de Québec, which is a guaranteed creditor, but also the Fonds régional de solidarité FTQ, which is not and which had invested the sum of 1.3 M$ in the company. There are also private investors like Gestion Steve Morency whose debt amounts to $388,580.
Considered “a serial entrepreneur”, Mr. Morency is the founder of the Yuzu sushi chain which he sold in 2020. He was also part of the show In the eye of the dragon as a guest dragon. He has invested in tech start-ups, real estate and the medical sector.
This bankruptcy comes a year and a half after the inauguration of a Corcoran boutique space, in Quebec, based on an “innovative concept of making solid wood furniture focused on a unique customer experience”.
Its new facilities housed a boutique space of some 1,500 square feet and a “wood cellar” of more than 2,500 square feet containing around a hundred slices of trees of various species of wood available to carry out projects.
Mr. Morency saw in this Quebec company, already well established, a “new challenge to take on” when he made its acquisition in 2021.
The Journal tried in vain to communicate with Mr. Morency. The company, located at 128, avenue Saint-Sacrement, in Quebec, operated under the name and company name Corcoran and Corcoran Importation. The bankruptcy order was issued on October 25.
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