- The Company filed for creditor protection and obtained an
initial order under the CCAA on May 19,
2020, which was further amended and restated today until
January 22, 2021.
MONTREAL, Oct. 16, 2020 /CNW Telbec/ - Reitmans
(Canada) Limited
("Reitmans" or the "Company") provides an update
today following its filing on May 19,
2020 for creditor protection pursuant to the Companies'
Creditors Arrangement Act (the "CCAA"). Since its
initial filing, the Company obtained extensions of the Initial
Order until October 16, 2020. Today,
the Québec Superior Court issued a third Amended and Restated
Initial Order pursuant to the CCAA granting the Company an
extension until January 22, 2021.
Reitmans continues to make further progress in the CCAA process
with the assistance of Ernst & Young Inc., the Monitor
appointed under the CCAA process, and expects to continue to make
announcements as further material progress is made.
The Company remains fully operational during the CCAA process
through its brands' e-commerce websites and its physical stores,
all of which are opened in conformity with provincial and regional
governmental guidelines.
About Reitmans (Canada)
Limited
The Company is a leading women's specialty apparel retailer with
retail outlets throughout Canada.
As at October 16, 2020, the Company
operated 420 stores consisting of 248 Reitmans, 93 Penningtons and
79 RW&CO. The Company is a publicly traded company listed on
the TSX Venture Exchange (TSX-V: RET, RET-A). For more
information, visit www.reitmanscanadalimited.com.
Forward-Looking Statements
All of the statements
contained herein, other than statements of fact that are
independently verifiable at the date hereof, are forward-looking
statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond the
Company's control. Such risks include but are not limited to: the
impact of the current COVID-19 pandemic on the Company's business
and affairs, including the ability to operate the physical stores
in conformity with provincial and regional governmental guidelines,
the risks and uncertainties related to the CCAA process, including
the ability for the Company to obtain financing following the CCAA
process, general economic conditions, general conditions in the
retail industry, seasonality, weather and other risks included in
public filings of the Company, including those described in the
Operating Risk Management and Financial Risk Management sections of
the Company's most recent Management Discussion and Analysis for
the 13-week period ended August 1, 2020. Consequently, actual
future results may differ materially from the anticipated results
expressed in forward-looking statements, which reflect the
Company's expectations only as of the date of this press release.
Forward-looking statements are based upon the Company's current
estimates, beliefs and assumptions, which are based on management's
assessment of government publications regarding the COVID-19
pandemic, its assessment of current and future consumer behavior,
including the impact of the COVID-19 on such behavior, its
assumption that, in the case of the CCAA process, it will obtain
all necessary court orders extending the applicable stays of
actions and proceedings against the Company to permit it to propose
a restructuring plan to the affected creditors, its perception of
historical trends, current conditions and currently expected future
developments, as well as other factors it believes are appropriate
in the circumstances. Specific forward-looking statements in this
press release may include, but are not limited to, statements with
respect to the capacity to obtain financing. The reader should not
place undue reliance on any forward-looking statements included
herein. These statements speak only as of the date made and the
Company is under no obligation and disavows any intention to update
or revise such statements as a result of any event, circumstances
or otherwise, except to the extent required under applicable
securities law.
www.reitmanscanadalimited.com
SOURCE Reitmans (Canada)
Limited