Factory Direct, an electronics retail company in Ontario, is preparing to close all its stores after declaring bankruptcy this month.

The chain, which has been around for nearly 30 years, currently operates 14 locations across the province, including a site in North York. It specializes in everything from smartphones and computers to TVs, games, and tech accessories from brands Samsungg, Cuisinartg, Apple

AD Hennick & Associates Inc, handling the liquidation of the company's $10 million worth of inventory, said in a statement that the brand unfortunately struggled to recover from pandemic-era losses.

The company wrote in a statement on Friday: “Since the coronavirus, the company has experienced a decline in sales and an increase in overhead, partly due to this high inflationary environment," noting that at one time there were 24 Factory outlets in Southern Ontario.

It added: “FactoryDirect.ca has been a steady source of incredible deals for a long time, and it is a shame to see the nearly 30-year-old Canadian-owned discount retail store with hundreds of employees close its doors forever."

Since the company considers itself one of the largest privately owned discount stores in Canada with savings of up to 8% off regular prices, customers can get some deals on brand technology through the liquidation process, which begins at all locations on Saturday
February 17.