Ssense Stays Independent: Founders Retain Reins After Canadian Contest

Ssense faces restructuring without handing over the helm. The company specializing in designer brand e-commerce has announced that the founding family has won the bid to retain ownership when the group emerges from bankruptcy protection.

The bid is led by CEO Rami Atallah, along with his brothers and co-founders Firas and Bassel Atallah, in partnership with a Canadian multi-family office. Closing is scheduled for February 13th, pending the relevant court and regulatory approvals.

With this approval, the process will continue with the Atallah family at the helm. The company frames the move in the need to ensure strategic continuity and stability for customers, suppliers and employees during the exit of the procedure.

The company filed in August 2025 under the Companies Creditors Arrangement Act (CCAA), a federal law that allows insolvent corporations with debts in excess of $5 million to restructure liabilities under a statutory framework while continuing to operate. The application came after its senior lender attempted to force a sale.

Ssense has faced a bankruptcy proceeding to restructure without selling

In September, Ssense obtained court approval to restructure the business while keeping the founding family in management and exploring potential buyers and other investment or refinancing options.

In the previous months, Ssense faced the impact of Trump administration tariffs on Canadian imports, with the U.S. as its main market and an operation that often ships orders from Montreal.

In May 2025, the company executed a cut of 100 employees, 8% of the workforce, in its third round of layoffs in a year. At the same time, it was carrying $371 million in debt, with a large number of emerging and independent designers among its outstanding creditors.

The announcement comes as a relief to part of the industry. When the company entered bankruptcy protection, several industry voices warned that an eventual loss of Ssense would further reduce the infrastructure available to provide visibility and growth for emerging talent, at a time of weakness for several wholesale partners and a decline in luxury ecommerce platforms.