Dylex Limited was one of Canada's largest retailers during the 1970s and 1980s, where it operated a number of specialty retail stores, including womenswear, menswear and family stores, including BiWay, a large and now defunct Canadian discount chain.
History
Dylex was formed in 1966 as a holding company for the purchase of Tip Top Tailors through a partnership between Jimmy Kay, a decorated World War II veteran and businessman, and Wilfred Posluns, a former stockbroker. The company name was an acronym for "Damn Your Lousy Excuses." It absorbed Posluns' company and Kay's Fairweather stores.
Operations
The company's strategy was to purchase clothing stores but to leave the running of the company in its current management's hands. The remainder of the company were sold off by 2001.
These plans did not go through, however, and in August 2001, all BiWay stores, save for a few Toronto area locations, were shuttered for good and Hardof Wolf left with all of the employees' money. The courts finally forced Hardof Wolf to pay back some of the money it owed to the employees. This court case set precedent in Ontario bankruptcy case law. It was later reported that Riklis had drained money from Dylex to be used in other Riklis owned companies.
Revival
In December 2018, it was announced that the BiWay chain would be revived as "BiWay $10 Store" beginning with a new 7,500 square foot location in August 2020 in Toronto.
These plans are, however, on hold after the death of its founder in October 2020.