MONTRÉAL, Nov. 2, 2020 /CNW/ - Le
Château Inc. (NEX: CTU.H) ("Le Château" or the
"Company") announced today that the Québec Superior Court
(Commercial Division) (the "Court") issued an Amended and
Restated Initial Order extending to January
15, 2021 the application of the Initial Order obtained by
the Company on October 23, 2020 under
the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The Amended and
Restated Initial Order also deals with certain administrative
matters.
Further, the Court also issued today a Liquidation Order,
allowing the Company to proceed with the sale of its assets and
wind down of its operations.
The Amended and Restated Initial Order and the Liquidation Order
will be available at www.pwc.com/ca/lechateau.
The Company will continue to provide updates throughout the
liquidation process as events warrant.
Profile
Le Château is a Canadian specialty retailer
and manufacturer of exclusively designed apparel, footwear and
accessories for contemporary and style-conscious women and men,
with an extensive network of 121 prime locations across
Canada and an e-com platform
servicing Canada and the U.S.
Forward-Looking Statements
This news release may
contain forward-looking statements relating to the Company and/or
the environment in which it operates that are based on the
Company's reasonable expectations, estimates and forecasts.
Forward-looking statements in this press release include, but are
not limited to, statements with respect to the CCAA proceedings and
the liquidation process. These statements are not guarantees of
future performance and involve risks and uncertainties that are
difficult to predict and/or are beyond the Company's control. A
number of factors may cause actual outcomes and results to differ
materially from those expressed. These factors also include those
set forth in other public filings of the Company. Therefore,
readers should not place undue reliance on these forward-looking
statements. In addition, these forward-looking statements speak
only as of the date made and the Company disavows any intention or
obligation to update or revise any such statements as a result of
any event, circumstance or otherwise except to the extent required
under applicable securities law.
Factors which could cause actual results or events to differ
materially from current expectations include, among other things:
the risks and uncertainties related to the ongoing proceedings
under the CCAA, the liquidation process, health crises &
economic downturn, liquidity risks, general economic conditions and
normal business uncertainty. The foregoing list of risk factors is
not exhaustive. The risks and uncertainties faced by the Company
are substantially the same as those outlined in the annual
management's discussion and analysis for the year ended
January 25, 2020.
SOURCE LE CHATEAU INC.
