Ssense founders win round one in battle with creditors, allowing CEO Rami Atallah and brothers to remain in charge amid a restructuring plan. Sales of $1.3 billion last year, $371 million debt, and $40 million interim financing approved by court.

Court rules current management can stay, Ernst & Young monitor appointed for transparency. Claims prior to Aug. 29 addressed in restructuring, post-Aug. 29 payments continue as normal with $40 million financing. Ssense, founded in 2003, has $371 million debt, mostly owed to banks and vendors, with sales peaking at $5 billion after pandemic.

Rami Atallah expresses gratitude for community support as Ssense navigates restructuring. Company faced challenges due to high-end market strain, layoffs, and tariff changes affecting U.S. customer base. Ssense targets men and women aged 18-40, employs 1,161 globally, and operates a Montreal flagship store.

Read more at Yahoo Finance: Ssense to Restructure, Obtains $40 Million in Financing to Continue Operating