Gordon Brothers Provides C$30M to Finance Northern Reflections’ Acquisition of Cleo & Ricki’s

Counsel to Gordon Brothers with respect to its C$30M financing of Northern Reflections’ acquisition of Cleo & Rickis

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On July 23, 2025, Gordon Brothers announced that they have provided C$30 million to finance the Canadian women’s clothing retailer Northern Reflections’ acquisition of two other Canadian women’s retailers, Cleo and Ricki’s.

Since 1903, Gordon Brothers has maximized liquidity through realizable asset value by providing the people, expertise and capital to solve business challenges. Their solutions-oriented approach across asset services, lending, financing and trading gives clients the insights, strategies and time to optimize asset values throughout the business cycle.

Founded in 1985, Northern Reflections Ltd. is a proudly Canadian women’s apparel brand, celebrated for its quality fabrics, comfort-first fashion and timeless style.

Miller Thomson advised Gordon Brothers with a team led by Kenneth Rosenstein and Shaun Parekh and comprised of Kristen Louie, Cindy Adams (Financial Services), Karen Durell (IP/IT), Gregory Azeff (Restructuring and Insolvency) and Jessie Chau (Paraprofessional).

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