Last week, the company I founded more than 30 years ago, Groupe Sélection, filed for protection under the Companies’ Creditors Arrangement Act. This process will allow us to carry out a financial and operational restructuring in order to pursue our growth plan and the development of services promoting the well-being and health of residents.
As the founder and boss of the company, I recognize that this process is in no doubt of its necessity.
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It’s not easy to admit that we need the protection of the court, but sometimes we have to put aside our entrepreneurial pride and find solutions that will ensure the sustainability of the business.
Macroeconomic factors linked to inflation and the rise in interest rates in recent months, in addition to the impacts of the pandemic, have pushed us towards this responsible solution.
Challenges
As an entrepreneur, I understand very well that the life of a business is made up of challenges. No one was ready in March 2020 when the pandemic hit.
Our teams, with the support of our partners, adjusted quickly and focused on a new obsession, that of saving lives, weathering the storm. It was a difficult time for our teams.
Thirty months later, I am extremely proud to have made it through this ordeal and I am convinced that our employees are just as determined to emerge from this situation with an even stronger company and even happier residents.
Every day, despite the difficulties of recent months, nearly 5,000 Groupe Sélection employees come to work because they believe in us and our expertise in creating stimulating living environments for seniors and offering the best possible services to our residents and tenants.
Like me, our employees make it a priority to maintain our high standards of service. Personally, I want to continue working with our teams on the success of our growth and development plan. We are not done making a difference in the lives of our seniors.
Restructuring
I am convinced that the restructuring process will help us to maintain our shareholding in Quebec, to preserve a Quebec flagship that makes us proud, and more than ever to rely on our expertise to promote the maintenance of an active and healthy life for our residents, tenants and employees.
I would also like to point out that the entire senior management team at Groupe Sélection is aware of the details of the company’s situation. We also obtained the renewal of loans totaling nearly $260 million last February from the banks. If the management of the finance department was so deficient, the granting of the loan would not have taken place. To claim otherwise is in bad faith.
I have complete confidence in my team, who have been dedicated day after day since the start of the pandemic to ensure that our seniors have access to the best possible services. Together, we are ready to take up this new challenge.
Real Bouclin, Founding President and Chief Executive Officer, Selection Group
