The co-founders of Montréal-based Ssense are close to regaining control of their luxury retail platform after it went into bankruptcy protection this past fall.
Ssense entered insolvency proceedings in September, after its lenders sought a quick sale amid a cash crunch at the company.
Ssense entered insolvency proceedings in September, after its lenders sought a quick sale amid a cash crunch at the company. After reaching an agreement with its lenders to continue operations, the company was undergoing a sale and investment solicitation process. On Sunday, the company announced that the winning bid was from brothers and co-founders Rami Atallah, Bassel Atallah, and Firas Atallah alongside a “leading Canadian multi-family office,” pending court and regulatory approvals.
The deal is expected to close before Feb. 13, the company said in a news release. BetaKit reached out to learn the identity of the family office, but Ssense did not comment and referred BetaKit to the release.
According to court documents, extensions to the bid deadline were granted by the monitor multiple times in November and December, as the original timeline “could present timing issues” and lead to impacts on the “receipt and content of binding offers.”
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Founded by the Atallah brothers in 2003, Ssense is an e-commerce retailer specializing in designer fashion and high-end streetwear, along with editorial content. Valued at $5 billion in 2021, the company’s sales fell between 2023 and 2025 as consumer luxury habits changed and interest rates rose, according to court filings. Retail headwinds increased in 2025 as Ssense faced the elimination of the de minimis exemption, which made packages under $800 USD free to ship into the United States. In September, Ssense had assets of $387 million against liabilities of $371 million, including loans to lenders and vacation pay for employees.
The successful bid comes after liquidity issues had put Ssense and its lenders, which include Royal Bank of Canada and Bank of Montreal, at loggerheads. After rejecting a refinancing plan put forward by Ssense in July 2025, lenders went forward with an application to place Ssense under the protection of the Companies’ Creditors Arrangement Act (CCAA) and force a sale without its consent on Aug. 27.
Ssense said it was “deeply disappointed” with the move and filed its own CCAA application. In September, the company and its lenders reached an agreement that would give Ssense nearly $40 million in interim financing while it underwent a court-supervised process to sell or find other funding.
Feature image courtesy SSense.