Montreal-based retailer Frank And Oak has filed for creditor protection for the second time this decade, seeking relief from $71 million in debt, while the Ontario company behind Ricky's and Cleo says it will shutter their stores.

Frank And Oak, a sustainable-fashion brand, filed for creditor protection just before the Christmas holiday, according to Le Journal de Montréal, which first reported the news on Monday. It has been owned by New York-based fashion firm Unified Commerce Group (UCG) sinc…