Nygard Group of Companies is financially restructuring its business to avoid bankruptcy, a company spokesperson said, as fashion mogul Peter Nygard faces several sexual assault allegations in New York. Late last month, the company announced Nygard was stepping down from his role as chairman and would divest his ownership stake. This does not mean the company is going bankrupt, but that the company is seeking protection while it restructures its finances. Restructuring 'a good sign'Winnipeg marketing researcher Fang Wan says this is another way Nygard the company is trying to distance itself from Peter Nygard the person. Nygard did not pay, so in July, Sitrick took the matter to the Manitoba Court of Queen's Bench, which ordered Nygard to pay roughly $1.6 million.

Source: CBC News March 10, 2020 14:23 UTC