Ssense founders secure buyout approval

The founders of Canadian luxury retailer Ssense have secured court approval for their buyout offer, blocking a deal by lenders pursuing a liquidation of the company.

The Quebec Superior Court notified the company’s advisor, Ernst & Young, that the bid submitted by the founders – brothers Rami, Bassel and Firas Atallah – alongside their strategic partner had been accepted. As a result, the deal closed February 13.

In a statement to multiple media outlets, including Bloomberg, the company said: “After months of uncertainty, the closing of the transaction marks an important milestone and affirms our ability to continue building Ssense for the long-term.”

The Montreal-based Ssense filed for bankruptcy protection mid-2025 and launched a court-approved restructuring procedure under Canada’s CCAA, enabling it to continue operations.

Financial advisors were subsequently called in to help stabilise operations, leading to the injection of a 40 million dollar interim financing aiding the company’s mounting debts.

Speculation surrounding the Atallah brothers’ pursuit of full ownership began circulating in September, when media reports revealed that the family had entered the sale process for the company they jointly launched back in 2003.

Court determines bid from founders ‘best outcome’ for stakeholders

According to court documents seen by WWD, the founders had initially submitted a cash bid of 20 million dollars early December 2025. This had been turned down, prompting them to raise their bid to 58.5 million dollars, adding the assumption of liabilities amounting to 18.2 million dollars, bringing the value to 78 million dollars.

Their efforts put them up against a group of lenders led by Investissement Quebec and RBC, which opposed the sale in favour of a liquidation of the business.

The court, however, determined that the “best outcome for the debtors and all the stakeholders” would be to enable a continuation of the business as a going concern. This would allow Ssene to retain a “significant portion” of its employees and ensure suppliers were able to maintain their relationship with the company.

The founders’ statement continued: “With the transaction complete, we are moving forward with clarity and confidence. We remain committed to our purpose – moving culture forward and providing a platform to amplify the voices shaping it – and we’re grateful to our community for their support during this time.”