Grounded People to terminate retail operations

Executive Summary

• Grounded People Apparel Inc. has announced the termination of all retail operations and the commencement of liquidation for its existing footwear segment.
• The decision follows a comprehensive review of market conditions and operational challenges, with management determining that the footwear business is no longer viable.
• The company will reduce overhead and explore new business directions while transitioning to an "inactive issuer" status on the Canadian Securities Exchange.

Key Details

• Termination of Operations: The board has decided to terminate all retail operations and begin the liquidation of remaining inventory.
• Specific Segment: The unwinding of active retail activities specifically targets the company's existing footwear segment.
• Strategic Shift: Management intends to implement measures to reduce overall company overhead and explore new business directions aligned with long-term value creation.
• Trading Symbol Change: Effective November 26, 2025, the company's trading symbol on the Canadian Securities Exchange will change from "SHOE" to "SHOE.X".
• Issuer Status: The company will be designated as an "inactive issuer" due to its current inactive status; this designation does not constitute a suspension of trading, and securities will continue to trade under the new symbol.

Notable Quotes

• "This strategic decision follows a careful assessment of prevailing market dynamics, operational challenges, and the long-term interests of the company and its shareholders. Management has determined that continued pursuit of the footwear business is no longer viable in the current retail environment."