Canadian fashion brands Ricki's and Cleo will close after their parent company revealed it has filed for creditor protection.

Comark Holdings announced the decision to shutter the stores on Tuesday.

"After careful consideration of all reasonably available options, the company has determined that it is in the best interests of its stakeholders to wind down its Ricki's and Cleo operations and to close all Ricki's and Cleo retail store locations," reads the statement.

The company also owns the clothing brand Bootlegger, which will undergo a restructuring that includes "reducing its retail footprint."

Comark Holdings added that it intends to seek a further court order approving the full liquidation of all Ricki's, Cleo, and certain Bootlegger stores.

"The stores will remain open during this process," reads the announcement.

There are 221 stores in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador.

The Ricki's, Cleo and Bootlegger sites all show a notice telling shoppers that effective January 17, they will no longer accept returns and gift cards or be able to redeem or receive loyalty points.

This is the third time in the past decade that Comark has filed for creditor protection. The first was in 2015, and the second was in 2020 during the COVID-19 pandemic.

It isn't the only retailer that has recently filed for creditor protection.

Major Canadian eco-friendly clothing brand Frank and Oak has filed for creditor protection for the second time. It is seeking relief from a $71 million debt.

The store has been owned by New York-based Unified Commerce Group (UCG) since 2020. That year, it first sought creditor protection due to pandemic-related financial challenges.

In court filings, the company says it continues to face challenges related to the effects of the pandemic and is considering options to possibly restructure its business.