Victoria-based Westcoast Appliance Gallery and Capital Iron Home Store has ceased operations effective Friday.
Owner and CEO of the Victoria appliance store Fred Aram informed his trade partners in an email Friday evening.
“It is with great regret that I write to inform you that both Westcoast Appliance Gallery and Capital Iron Home Store will cease operations effective today,” said Aram in his email, adding that months of mounting financial pressures from Royal Bank of Canada forced the doors to close.
“Royal Bank of Canada called its loans and credit facilities Mid December 2025 and has taken enforcement steps, including freezing our operating accounts.”
With all operating accounts frozen, Aram says “the companies no longer have the ability to fund ongoing operations.”
Located at 3090 Nanaimo Street in Victoria, Westcoast Appliance Gallery, has been locally owned and operated since 1984, specializing in premium home products. Several decades later, Aram expanded his business by acquiring the Capital Iron.
With Aram no longer at the helm of the companies, “RBC is seeking the appointment of a court-appointed receiver,” he writes.
This is expected to happen quickly with Aram saying the court-appointed receiver “will take control of the businesses in the next few days and determine next steps.”
One next step they’re evaluating is the potential of a going concern sale, where operations would potentially continue. Rather than shutting it down and liquidating the assets, the business would keep running.
Aram says negotiations are underway, and if this sale were to occur, it would be up to the court-appointed receiver to communicate the outcome.
“Effective immediately, I am no longer involved in the operations of the businesses.”
He then asked for partners to respect his privacy over the coming weeks, adding that he would reconnect at a later date.
Partners were also informed that corporate email accounts would not be monitored as of Friday.
Aram signed off by thanking the community and partners for their support and professionalism throughout the years.
“It has been a privilege working with you, and I wish you continued success in the future.”
Housed in one of Victoria’s historic 1800-period buildings, Capital Iron was established in 1934, first founded by Morris Greene as a scrap business specializing in ship decommissioning. Decades later, Aram acquired Capital Iron in 2022 and it evolved into a one-stop shop for home goods. Over the many years, Capital Iron remained independently and locally-owned and operated.
More to come.