BiWay was a Canadian discount department store that operated until the 1990s. The company was one of several operated by parent company Dylex. In 1986, Dylex was the largest clothing retailer in Canada, operating 24 retail chains with approximately 2,800 stores. A lot of the company’s success could be attributed to the company’s founder Mal Coven, who retired in 1990. In 2001, the last surviving portions of the company were sold. Canada’s apparel industry never bounced back.
The company struggled to adapt to competition from Wal-Mart and dollar stores, losing its dominant market position took a long serious of poor decisions. Heading the company during its demise was Elliott Wahle, brought on as CEO after Dylex filed for bankruptcy protection in 1995. Dylex had problems with debt and difficulty restructuring, along with exceedingly high executive salaries. In only four years, Wahle had driven the company to irrelevance, and he left in 1999 when Dylex was sold.
Wahle went on to head various key positions at Toys ‘R Us, including Toys ‘R Us Canada, Babies ‘R Us and Toys ‘R Us Times Square. Toys ‘R Us recently filed for bankruptcy protection due to problems with debt and difficulty restructuring, along with exceedingly high executive salaries.