A settlement has been reached after Miniso Canada’s Chinese parent company applied to bankrupt the Canadian division amid claims of theft and fraud.

The Chinese retailer, which positions itself as ‘Japanese’ says that it has reached an interim agreement with Canadian franchisees, though there’s more to the story.

The value retailer is aggressively expanding into new markets across Canada, with plans for 500 locations to open sooner than initially expected.

The Chinese variety retailer, positioned as a ‘Japanese lifestyle brand’, will open 50 Canadian stores in the next 12 months, planning to eventually operate 500 Canadian locations.

The ‘Japanese lifestyle brand’ plans to disrupt Canadian retail by opening as many as 500 stores, competing with the likes of Uniqlo, Muji and Dollarama.