Ssense’s founding family has won a bid to retain ownership of the company when it emerges from bankruptcy protection, the company announced on January 11.
The bid — which was made by CEO Rami Atallah and his co-founder brothers Firas and Bassel, along with a Canadian multi-family office — is expected to close by February 13, pending court and regulatory approval. Once approved, the bankruptcy protection process will continue, meaning the Atallahs will retain control, rather than seek new ownership, to ensure strategic continuity and stability for customers, suppliers and employees when it does emerge from bankruptcy protection.
In August 2025, Ssense filed for bankruptcy protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) — a federal law that allows insolvent corporations owing creditors more than $5 million to restructure debts under a legal framework while continuing operations. The filing came after Ssense’s primary lender attempted to force a sale. Then, in September, Ssense won court approval to restructure the business, with the founding family remaining in charge as they shopped for potential buyers and other investment or refinancing options.
In the run-up to the bankruptcy protection filing, Ssense was struggling under the weight of President Trump’s tariffs on Canadian imports — given that Ssense’s biggest market is the US and that it typically ships from Montreal. In May 2025, Ssense laid off 100 employees (8% of its workforce) in its third round of layoffs in a year. The company was grappling with $371 million in debt, with many emerging and independent designers owed money.
The latest announcement is good news for Ssense — and for the industry. At the time of the bankruptcy protection announcement, designers and industry insiders worried that losing Ssense would diminish the little infrastructure emerging talent has for visibility and growth, especially with the many other wholesale partners struggling in recent years.
