October 28, 2021

The Queens County Citizen

Complete Canadian News World

Nautilus Plus protects itself from its creditors

Nautilus Plus protects itself from its creditors

Nautilus Plus, which has 33 branches and over 50,000 members in Quebec, is sheltered by its creditors. Management said the 15-month closures imposed on the epidemic and fitness centers had left a huge hole in the company’s economy.

Founded in 1978 in Quebec City, the company owes nearly million 42 million to 100 lenders.

Nautilus Plus has already begun negotiations to set up a recovery plan. The company’s current leaders and a group of local investors, including Fonduction, may grant bail to the company under an agreement negotiated with the lenders.

In a press release, Martin Legare, CEO of Nautilus Plus, assured us that the company’s financial woes will not have any consequences for customers and employees.

This temporary process does not affect our commitment to the Services and our members and employees. The company operations will continue as usual.

A quote from:Martin Legare, Chairman and CEO of Nautilus Plus

Provides a company-designed recovery plan for head office management in Quebec.

The COVID-19 pandemic reduces the company’s cash flow.

As you can see, the closure of all our branches in the last 15 months has not been without consequences, especially at the financial level., Written by Martin Legara.

The company is taking refuge from its creditors when the packing centers get the green light to resume their operations.

On June 7, with the relocation of the Montreal and Laval areas to the Orange Zone, 33 Nautilus Plus branches were able to reopen their doors.