Quebec entrepreneur Paul Nassar has agreed to acquire financially troubled luggage retailer Bentley & Co., for an undisclosed price.

Nassar has filed a notice of intention in the Superior Court of Quebec (Commercial Division) to purchase Montreal-based Bentley under the terms of the federal Bankruptcy and Insolvency Act. The chain is grappling with $7.8 million in debt and will not be able to continue operating beyond 2025, according to the court filing by insolvency trustee Raymond Chabot Inc.

Bentley owns operates more than 140 retail stores across Canada and has 700 employees. Most of the stores are located in Quebec (43) and Ontario (47.)

The chain does not own any real estate, operating leased premises exclusively. Nassar is slated to assume most of the leases and retain a majority of the chain’s employees.

According to the notice of intention, Bentley has suffered financial losses largely due to the effects of the COVID-19 pandemic and two ransomware attacks, in November 2023 and early 2024, by hackers who infiltrated and compromised the retailer’s systems.

As a result of the cyberattacks, Bentley had to halt its services temporarily and invest in costly enhanced cybersecurity infrastructure.

British investment and advisory firm Hilco UK, through its subsidiary HUK 94, fully owns Bentley.

Nassar is a veteran retail investor. He owns and operates the Hart chain, which has approximately 130 locations across Canada and sells a wide range of products, including clothing and household essentials.

He also recently acquired Korvette, a prominent Quebec-based chain that sells discount items.

“My children, who are young, think I bought a Bentley and a Corvette,” Nassar told La Presse, noting the company names resemble those of the popular vehicles.

Bentley opened its first store in St. John’s, NL, in 1987.

Photo: Mail Champlain