The Peace Bridge duty-free shop is facing receivership as ordered by the Ontario Superior Court due to substantial financial troubles, including millions in unpaid rent and debts. As appointed by the court, a receiver will oversee the shop's liquidation and repay creditors. The Buffalo and Fort Erie Public Bridge Authority claims the shop owes up to $17 million in overdue rent, while Royal Bank of Canada lists an outstanding debt of $3.3 million. The challenge is exacerbated by a sharp decline in cross-border travel, negatively impacting sales.
The Ontario Superior Court of Justice has ruled for the Peace Bridge duty-free shop's receivership due to financial difficulties including millions in debt and unpaid rent.
A significant claim by the Buffalo and Fort Erie Public Bridge Authority indicates the store owes up to $17 million, compounded by declining cross-border travel.
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