On May 15, 2025, Hakim Optical Laboratory Limited and related entities, Canada’s largest privately-owned optical retail chain, had their Notice of Intention (NOI) proceedings continued under the Companies’ Creditors Arrangement Act (CCAA). The company, now operating about 70 retail stores with 265 employees and 49 independent optometrists, has been struggling with liquidity issues since the COVID-19 pandemic and a cyberattack in 2022. In response, Hakim Optical initiated various restructuring and cash conservation strategies, including the closure of approximately 40 unprofitable stores and laboratory locations and the sale of all Atlantic Canada stores. As a result of ceasing rent payments on vacated properties, several landlords pursued enforcement actions, prompting the NOI filing.

Additionally, the company defaulted on obligations to RBC, its former senior secured lender. A receivership was avoided when RBC’s debt was assigned to 1001112855 Ontario Inc., which later extended bridge financing and is now the proposed debtor-in-possession (DIP) lender and stalking horse bidder. KSV was appointed as the monitor in the proceedings.

Legal representation includes Bennett Jones for the company; Chaitons for the monitor; Loopstra Nixon for 1001112855 Ontario Inc.; Camelino Galessiere for Ivanhoe Cambridge et al.; Cassino Coulston & Gallagher for Richmond Highland; Torys for Cadillac Fairview; and Gardiner Roberts for Paradise Lifetime Rogers. No transaction value was explicitly disclosed.