The Tamesis
Ssense’s founding family has won a bid to retain ownership of the company after it emerges from bankruptcy, the company announced on Jan. 11.
The acquisition, initiated by CEO Rami Atallah and his co-founder brothers Firas and Bassel, as well as a Canadian multi-family office, is expected to close on February 13, pending court and regulatory approval. Once approved, the bankruptcy process will continue, meaning Atallahs will retain control rather than seek new ownership to ensure strategic continuity and stability for customers, suppliers and employees as it emerges from bankruptcy.
In August 2025, Ssense filed for bankruptcy protection under the Canada Companies Creditors Arrangement Act (CCAA), a federal law that allows insolvent companies that owe creditors more than $5 million to restructure their debts within the legal framework while continuing to operate. The filing comes after Ssense’s main lenders attempted to force a sale. Then, in September, Ssense received court approval to reorganize its business, with the founding family remaining in charge while it searches for potential buyers and other investment or refinancing options.
Before filing for bankruptcy protection, Ssense was struggling under pressure from President Trump’s tariffs on Canadian imports because Ssense’s largest market is the United States and it typically ships from Montreal. In May 2025, Ssense laid off 100 employees (8% of its workforce), its third round of layoffs within a year. The company is facing $371 million in debt, and many emerging and independent designers are in debt.
The latest announcement is good news for Ssense and the industry as a whole. At the time the bankruptcy was announced, designers and industry insiders were concerned that losing Ssense would undermine the meager infrastructure emerging talent has for visibility and growth, especially as so many other wholesale partners have struggled in recent years.
