MONTREAL -- Battered by the impact of the COVID-19 pandemic, Montreal-based clothing retailer Reitmans announced Tuesday that it is seeking protection from its creditors in hopes of restructuring.
The Reitmans filing will be heard in Quebec Superior Court Tuesday, the company said, noting that the decision to do so was made unanimously by its board of directors.
"Filing for protection under the CCAA (Companies' Creditors Arrangement Act) is truly the hardest decision we have had to make as an organization in our almost one hundred years of history, but this pandemic has left us no choice – we believe that this is the only course of action to ensure we remain successful in the future," Stephen Reitman, president and CEO of Reitmans, said in a statement Tuesday.
"We will dedicate ourselves to the restructuring of our business," Reitman added, noting that despite widespread store closings due to public health orders across the country "loyal customers ... have been shopping on our websites at a record pace since the start of the pandemic."
Reitmans will reopen its 576 stores - under the Reitmans, Penningtons, RW & Co., Thyme Maternity and Addition Elle banners - as permitted by various public health orders across the country, the company said.
Reitmans employs some 6,800 people across Canada.
Last week, another Montreal-based fashion retailer, Aldo, announced it would be seeking protection from its creditors.
https://news.google.com/__i/rss/rd/articles/CBMihwFodHRwczovL21vbnRyZWFsLmN0dm5ld3MuY2EvYmF0dGVyZWQtYnktaW1wYWN0LW9mLWNvdmlkLTE5LWNhbmFkaWFuLWZhc2hpb24tcmV0YWlsZXItcmVpdG1hbnMtc2Vla3MtcHJvdGVjdGlvbi1mcm9tLWNyZWRpdG9ycy0xLjQ5NDQ2NDnSAT9odHRwczovL2JldGEuY3R2bmV3cy5jYS9sb2NhbC9tb250cmVhbC8yMDIwLzUvMTkvMV80OTQ0NjQ5Lmh0bWw?oc=5
2020-05-19 13:57:39Z
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