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Sterling Shoes Inc. and Sterling Shoes GP Inc.

Introduction

Sterling Shoes Inc. and Sterling Shoes GP Inc. (together, the "Petitioners") filed an application before the Supreme Court of British Columbia (the "British Columbia Court") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the "CCAA").

The British Columbia Court made an order (the "Initial Order") on October 21, 2011, granting the Petitioners, including Sterling Shoes Limited Partnership (collectively the "Company"), the protections afforded by a stay of proceedings, while the Company pursues restructuring initiatives under the CCAA. The initial stay of proceedings has been extended until June 30, 2012.

The Initial Order appointed Alvarez & Marsal Canada Inc. (the "Monitor") as Monitor of the business and financial affairs of the Petitioners in the CCAA proceedings.

LEADERSHIP. PROBLEM SOLVING. CREATION.