VANCOUVER, March 16, 2020 /PRNewswire/ - Aritzia
Inc. ("Aritzia" or "the Company") (TSX: ATZ), a vertically
integrated, innovative design house of exclusive fashion brands,
announced updates to its business operations.
In response to the evolving COVID-19 pandemic, Aritzia will be
closing all of its retail locations until further notice as of
Monday, March 16th, 2020.
"Our goal is to do our part for the global well-being. As we
navigate this complex and challenging landscape, we feel this is
the best decision for our people, our clients, our partners and our
community as a whole," said Brian
Hill, Founder, Chief Executive Officer and Chairman.
"Aritzia is committed to ensuring the financial continuity of
both our internal team and the employees of our overseas partners
impacted by COVID-19. All of Aritzia's profits, while we get
through this challenging time, will go to the Aritzia
CommunityTM Relief Fund to pay our people and support
their families. Let's continue to take care of each other,"
continued Mr. Hill.
Clients will be able to continue shopping Aritzia's Everyday
Luxury offering through aritzia.com for the time being. Aritzia is
significantly increasing precautionary measures to ensure the
well-being of its Concierge and Distribution Centre employees.
Effective immediately, the Company will also shift all Support
Office employees to flexible working arrangements.
Despite near-term uncertainties, Aritzia's management team
remains confident in the fundamentals of the Company's business
model and long-term growth opportunities. Aritzia will provide an
update on the operational and financial impacts of COVID-19 on its
fourth quarter Fiscal 2020 earnings call in May.
Forward-Looking Information
Certain statements made in this press release may constitute
forward-looking information under applicable securities laws,
including with respect to the announced closure of Aritzia retail
locations as a result of the evolving the COVID-19 pandemic and
Aritzia's commitment to directing profits during this period to the
Aritzia Community™ Relief Fund as described above. Often but not
always, forward-looking statements can be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"believe", "estimate", "plan", "could", "should", "would",
"outlook", "forecast", "anticipate", "foresee", "continue" or the
negative of these terms or variations of them or similar
terminology.
Given this unprecedented period of uncertainty, there can be no
assurances regarding: (a) the length of time Aritzia's retail
locations will be closed as a result of COVID-19; (b) the
COVID-19-related impacts on Aritzia's business, operations and
performance, including its ability to remain on track to meet or
exceed its stated fiscal 2021 performance targets, (c) Aritzia's
ability to mitigate such impacts; (d) credit, market, currency,
operational, and liquidity risks generally; and (e) other risks
inherent to Aritzia's business and/or factors beyond its control
which could have a material adverse effect on the company.
Many factors could cause our actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the
factors discussed in the "Risk Factors" section of the Company's
annual information form dated May 9,
2019 for the fiscal year ended March
3, 2019 (the "AIF"). A copy of the AIF and the Company's
other publicly filed documents can be accessed under the Company's
profile on the System for Electronic Document Analysis and
Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the
list of risk factors and uncertainties described above and in the
AIF is not exhaustive and other factors could also adversely affect
its results. Readers are urged to consider the risks, uncertainties
and assumptions carefully in evaluating the forward-looking
information and are cautioned not to place undue reliance on such
information.
About Aritzia
Aritzia is a vertically integrated, innovative design house of
fashion brands. The Company designs apparel and accessories for its
collection of exclusive brands. The Company's expansive and diverse
range of women's fashion apparel and accessories addresses a broad
range of style preferences and lifestyle requirements. Aritzia is
well known and deeply loved by its clients in Canada with growing client awareness and
affinity in the United States and
outside of North America. Aritzia
aims to delight its clients through an aspirational shopping
experience and exceptional client service that extends across its
more than 95 boutiques and eCommerce business,
aritzia.com.
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SOURCE Aritzia Inc.
