The peak: over C$5B (~US$4.1B) as Sequoia Capital China buys in$4.1B
An undisclosed minority stake at a post-money enterprise value of over C$5B, the first outside funding in the company's 18-year history. Sequoia China venture partner Angelica Cheung joined the board; Ssense claimed profitability since inception.
Company release
May 2025
May 2025
Third layoff round in a year: 8% of staff as tariffs bite
After a 7% cut (138 people) in January 2023, cuts through 2025 took headcount from almost 1,900 in December 2024 to about 1,160 by August 2025; the May 2025 round removed roughly 100 people.
The Logic
Aug 27 β25
Aug 27 β25
De minimis ends; BMO-led lenders apply to force a quick sale
Ssense's C$130M+ syndicated facilities matured Aug 24 unrenewed; the BMO-led syndicate (RBC, Scotiabank, National Bank, JPMorgan) filed its own CCAA application seeking a fast sale. The US$800 duty-free exemption ended Aug 29.
Insolvency Insider
Sep 12 β25
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Sep 12 β25
CCAA initial order: EY as monitor, C$40M DIP, ~C$371M owed
The Quebec Superior Court let management stay and restructure under its own filing (file 500-11-066133-253). Interim financing: C$15M from the banks, C$25M from the Atallah family. Monitor figures: C$499M liabilities vs C$387M assets at Jul 31.
Court record
Dec 23 β25
Dec 23 β25
Founders raise a rejected C$20M bid to C$58.5M cash plus liabilities
A Dec 8 offer of C$20M cash was judged inadequate by monitor EY; the Dec 23 bid of C$58.5M cash plus ~C$18-19.5M of assumed liabilities (~C$78M) was the only compliant binding bid. No liquidation bids came in.
WWD
Feb 13 β26
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Feb 13 β26
Founders buy it back for ~C$78M (US$57M) β joins the Unitard Club π$57M
Quebec Superior Court approval on Feb 4 over objections from BMO, RBC and JPMorgan, owed ~C$113M; the deal closed Feb 13 with ~C$59M cash and about 660 regular plus 100 on-call staff retained, from 1,160.
Bloomberg
Aug 2026
Aug 2026
Co-buyer named as First Avenue Advisory; US warehouse due early 2027
The NYT identified the co-buyer as Canadian investment firm First Avenue Advisory (C$59M cash plus C$18M of liabilities). With ~700 staff, Ssense plans a Northeast US fulfilment centre for Q1 2027 to cut duties and an own-brand line by late 2027.
New York Times
How it happened
Ssense (Groupe Atallah Inc.) is the Montreal luxury e-commerce retailer that brothers Rami, Firas and Bassel Atallah founded in 2003 and grew for 18 years without outside money. In June 2021 Sequoia Capital China took an undisclosed minority stake at a post-money enterprise value of over C$5B (about US$4.1B), the company's first external funding.
By 2025 a weak luxury market and the end of the US de minimis duty-free exemption on Aug 29, 2025 (Americans had been close to 60% of customers) left Ssense unable to refinance roughly C$130-145M of BMO-led bank debt.
The lenders applied to force a quick sale; Ssense filed its own CCAA case and got an initial order on Sept 12, 2025, with EY as monitor, C$40M of interim financing and about C$371M of liabilities.
The brothers' C$20M December bid, judged inadequate, was raised to C$58.5M cash plus about C$18-19.5M of assumed liabilities (~C$78M, about US$57M) with a partner the New York Times later identified as Canadian investment firm First Avenue Advisory, and on Feb 4, 2026 the Quebec Superior Court approved it over objections from BMO, RBC and JPMorgan, owed about C$113M. The sale closed on Feb 13, 2026, with roughly 660 regular and 100 on-call employees kept on, down from about 1,160 at the filing.
Source: Company release (Jun 8, 2021): Sequoia Capital China minority stake at a post-money enterprise value of over C$5B; BoF/Hypebeast: ~US$4.1B. ISED CCAA record: initial order Sep 12, 2025, EY as monitor; WWD/BetaKit: ~C$371M liabilities. Bloomberg: founders' buyback ~C$78M (US$57M) incl. C$59M cash, approved Feb 4, 2026 over BMO/RBC/JPMorgan objections (owed ~C$113M), closed Feb 13, 2026; NYT: co-buyer First Avenue Advisory
Founders
RA
Rami Atallah
co-founder & CEO
Still there β Chief Executive Officer Β· LinkedIn β
