MONTREAL, April 12, 2021
/CNW Telbec/ - Reitmans (Canada)
Limited (the "Company") announces today that Richard Wait, CPA, CGA, a long-standing
Reitmans (Canada) Limited
executive, is appointed to the position of Executive Vice-President
and Chief Financial Officer effective immediately. Mr. Wait, who
was previously Vice-President, Finance, and Chief Financial
Officer, will continue reporting to Stephen
F. Reitman, President and Chief Executive Officer of
Reitmans (Canada) Limited.
"I am extremely pleased to appoint Richard Wait as Executive Vice-President and
Chief Financial Officer of Reitmans (Canada) Limited, a change in title that
reflects the scope of his responsibilities as well as his
remarkable contribution to our organization," said Stephen F. Reitman, President and Chief
Executive Officer of Reitmans (Canada) Limited. "Over the years, Richard has
demonstrated outstanding leadership and strategic vision,
spearheading several initiatives to ensure the Company's long-term
success. As always, he remains a valuable and trusted advisor to
the Board of Directors and to myself."
Richard Wait, who has been with
Reitmans (Canada) Limited for over
35 years, is an accomplished senior executive with solid financial
expertise and extensive experience in the industry.
About Reitmans (Canada)
Limited
The Company is a leading women's specialty apparel
retailer with retail outlets throughout Canada. The Company
operates 415 stores consisting of 245 Reitmans, 92 Penningtons and
78 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 and 39 weeks period ended
October 31, 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.
SOURCE Reitmans (Canada)
Limited