eSolutions Furniture Group Announces Closure of Business and Lenders' Proposed Motion to Appoint Receiver

MONTREAL, April 30, 2026 /PRNewswire/ - eSolutions Furniture Group, including Bush Business Furniture, Bush Furniture, and Bestar (collectively, "eSolutions" or the "Company"), announced today that the Fédération des caisses Desjardins du Québec, as lender and as administrative agent for the Company's lending syndicate, is expected to present a motion on May 4, 2026 before the Superior Court of Québec under the Bankruptcy and Insolvency Act (Canada) to appoint PricewaterhouseCoopers Inc. as receiver (the "Receiver") over the Company's assets.

The Company has ceased manufacturing operations, effective immediately. Subject to court approval, the Receiver would oversee the orderly wind-down of the Company, namely the sale of the Company's assets through a court-supervised process.

The wind-down will result in job losses across the Company, with some roles ending immediately and others over the coming weeks. eSolutions recognizes the significant impact of this decision on employees, their families and the communities where it operates.

Over an extended period, the Company and its lenders explored multiple alternatives, including restructuring or selling the business. Despite significant efforts, and the support of lenders and advisors, no viable solution was identified that would allow eSolutions to continue operating or sell the business.

The Company's financial position has worsened significantly since 2021. The business has faced additional pressure since 2024 due to the imposition of tariffs by the U.S. government, post-pandemic reductions in consumer demand, increased competition from offshore competitors, and ongoing cash constraints.

The Company has been unable to make any interest payments to its lenders for over a year. The lenders will incur a very significant loss as part of this process. In this context, the winding down of the Company's business and the sale of its assets is the only viable option to maximize the value of the Company's assets, and the appointment of the Receiver will allow for the implementation of this option.

eSolutions' focus is now on supporting affected employees, cooperating with the lenders and the proposed Receiver, and helping ensure fair and equitable treatment of stakeholders and clear and ongoing communication throughout the process.

Impact on Employees

Employment terminations will occur in stages, with some employees leaving immediately and others remaining temporarily to support the process.

All employees will receive payment for wages earned up to the date of termination of their employment. Employees will receive further information in the coming days or weeks regarding final pay and other entitlements, Records of Employment, access to government support programs, and other applicable matters.

Canadian employees will receive information regarding the Wage Earner Protection Program Act. Subject to its appointment, the Receiver would provide the relevant information. Employees in the United States will be provided with information regarding applicable processes and protections.

The lenders have agreed to fund certain employee-related payments as part of the process. Subject to its appointment, the Receiver would oversee employee-related matters and provide further information to employees as appropriate.

Customers, Suppliers and Creditors

The Company has ceased manufacturing and purchasing activities, but will continue limited operations during the wind-down process.

Customers with outstanding orders or claims should contact the Receiver, subject to its appointment.

Suppliers should not ship additional goods or provide services unless specifically authorized by the Receiver, subject to its appointment. All supplier claims will be addressed through the formal court-supervised process as part of the orderly wind-down.

The Bankruptcy and Insolvency Act (Canada) process is intended to provide a fair and transparent framework for addressing creditor claims. The objective of the orderly wind-down and asset sale process is to maximize recoveries for creditors, to the extent possible, in accordance with the law. At this stage, it appears unlikely that the process will provide for a distribution to unsecured creditors.

Proposed Receivership Process

In these circumstances, a court-supervised receivership process is necessary to preserve value and ensure an orderly and transparent process.

The Company is cooperating with the lenders, the proposed Receiver and other stakeholders to support an orderly process.

Subject to its appointment, the Receiver would oversee the orderly wind-down and asset realization process in accordance with the Bankruptcy and Insolvency Act (Canada). This is expected to include taking possession of the Company's assets and distributing proceeds in accordance with statutory priorities.

The Receiver would operate independently and under court supervision. Further information would be provided directly to stakeholders by the Receiver as appropriate, subject to its appointment.

About eSolutions Furniture

Founded in 2021 and headquartered in Sherbrooke, Québec, eSolutions Furniture is a North American e-commerce solution for residential and commercial furniture. The Company's family of brands includes Bestar, Bush Furniture and Bush Business Furniture (BBF), bringing together the legacy of Bestar, founded in 1948, and Bush Industries, founded in 1959. Through its portfolio of established furniture brands, eSolutions Furniture offers residential and commercial furniture designed to support customers from online shopping through delivery, assembly and product enjoyment. For more information, visit esolutionsfurniture.com.

SOURCE eSolutions Furniture Group