Quebec invests $50 million more in Simons

The Ministry of the Economy (MEIE) granted a $50 million loan to Maison Simons to help it continue its expansion outside Quebec.

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“This funding aims to support an innovative digital and logistics transformation project that Simons is currently leading in Quebec. This new project will allow the company to continue its growth on a pan-Canadian scale,” indicated the clothing retailer’s chief financial officer, Marjolaine Giasson, in a statement recently sent to Journal.

The loan was granted in April and is spread over five years, said Jean-Pierre d’Auteuil, spokesperson for the MEIE.

In March, Simons opened its 17^e store in Halifax, Nova Scotia.

Two new stores in Toronto

Next year, the Quebec company plans to open two establishments in Toronto, which will require investments of $75 million.

Simons predicts that this expansion in the Ontario metropolis will allow it to increase its turnover by 15%, which already exceeds $650 million.

In 2018, the Couillard government lent $81 million to Simons to help it build an online order center in Quebec which opened in 2021. The Caisse de dépôt and Investissement Québec had become shareholders of the company by investing, respectively, $27 million and $17 million.

Last year, the FTQ Solidarity Fund lent $76 million to Maison Simons.

Other financial partners of the clothing retailer founded in 1840 are the Bank of Montreal, the National Bank, the Desjardins Movement and the TD Bank.