|Bid||0.2700 x 0|
|Ask||0.2700 x 0|
|Day's Range||0.2500 - 0.2750|
|52 Week Range||0.1800 - 3.0800|
|Beta (5Y Monthly)||0.95|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 01, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct 09, 2019|
|1y Target Est||N/A|
The Company filed for creditor protection and obtained an initial order under the CCAA on May 19, 2020 , which was amended and restated today. MONTREAL , May 29, 2020 /CNW Telbec/ - Reitmans ( Canada ) Limited ("Reitmans" or the "Company") provides update today following its filing for creditor protection pursuant to the Companies' Creditors Arrangement Act (the "CCAA") on May 19, 2020 . The Company has obtained an extension of the Initial Order and the Québec Superior Court issued an Amended and Restated Initial Order pursuant to the CCAA for an additional period of 60 days, until July 29, 2020.
(Bloomberg) -- Reitmans (Canada) Ltd. has filed for bankruptcy protection after the pandemic forced it to close all its stores and aggravated the apparel retailer’s already-weakening business.The virus outbreak has “pushed the retail industry into a new and unknown era,” the Montreal-based clothier said in a statement Tuesday. The company, with roots going back nearly a century, operates about 576 stores and employs 6,800 people worldwide under brands that include Addition Elle, RW & Co. and Thyme Maternity. It requested court protection through the Companies’ Creditors Arrangement Act in Canada.Application under the CCAA will be heard by the Quebec Superior Court Tuesday. The company expects to remain fully operational through e-commerce. Physical stores will reopen when provincial and regional government guidelines allow it, the company said. Ontario is allowing retailers with street access to open their doors Tuesday, but indoor shopping malls remain closed.Reitmans is the latest retailer to file for bankruptcy protection since measures to fight the pandemic put countries into lockdown mode. Footwear retailer Aldo Group Inc. also began a court restructuring process earlier this month, while luxury retailer Neiman Marcus Group Inc. filed for Chapter 11 protection in Texas and J.C. Penney Co. Inc. filed last week.The retailer is trying to secure interim financing, it said in the statement, without providing details. It’s also in discussions with lenders for a permanent financing upon exit from the restructuring process.Rising LossesThe retailer temporarily laid off 90% of its store employees and 30% of the workers in its headquarters as a result of the pandemic. It has also reduced wages of its remaining staff. Among its most significant creditors as of Feb. 1, Reitmans listed “various trade and other payables” owed around C$109 million. Ernst & Young Inc. was appointed as the monitor in the Canadian proceedings.Reitmans was already in a difficult state before the virus. The company’s net loss for the quarter ending Feb. 1 was C$51.7 million ($37.2 million), compared with a net loss of C$8.9 million in the same quarter a year earlier. Sales rose 1% and gross profit declined.Asked about the filing during his daily press conference Tuesday, Quebec Premier Francois Legault said his government is looking for ways to help as many retailers as possible, including larger chains like Reitmans. “We want this institution to survive,” he said.The retailer, a go-to for women’s office wear at a reasonable price, was founded in 1926 in Montreal and bears the name of the family that started the business.The class A shares, which are non-voting, had not traded Tuesday as of 3 p.m. Toronto time. They closed Friday at 7.5 Canadian cents, having lost almost all their value in the past year.(Adds comments from Quebec Premier and details from CCAA filing, beginning in the sixth paragraph, and share price in last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MONTREAL , May 19, 2020 /CNW Telbec/ - Reitmans ( Canada ) Limited ("Reitmans" or the "Company") announces today that, further to its news release issued this morning and the completion of proceedings before the Québec Superior Court, the Company has obtained an Initial Order (the "Order") pursuant to the Companies' Creditors Arrangement Act (the "CCAA"). Under the terms of the Order, Ernst & Young Inc. has been appointed as Monitor under the CCAA process and will assist Reitmans in formulating its restructuring plan.
Reitmans, which was founded in 1926 and retails fashion apparel through 576 stores across Canada and online, said it obtained the order from a Quebec court, leading to an operational, commercial and financial restructuring. "Filing for protection under the CCAA 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," Chief Executive Officer Stephen Reitman said in a statement. Under the terms of the order, Ernst & Young Inc has been appointed to assist Reitmans in formulating its restructuring plan, the company said.
Reitmans Canada Ltd will seek bankruptcy protection in a Québec court on Tuesday, becoming the latest retailer to face the brunt of the COVID-19 pandemic, which has led to prolonged store closures. Reitmans, which was founded in 1926 and retails fashion apparel through 576 stores across Canada and online, said it would seek protection under the Companies' Creditors Arrangement Act, leading to an operational, commercial and financial restructuring. "Filing for protection under the CCAA 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," Chief Executive Officer Stephen Reitman said in a statement.
MONTREAL , May 19, 2020 /CNW Telbec/ - Reitmans ( Canada ) Limited ("Reitmans" or the "Company") announces today that it is seeking protection under the Companies' Creditors Arrangement Act (the "CCAA") in order to facilitate its operational, commercial and financial restructuring. Application under the CCAA will be heard by the Québec Superior Court today.
MONTREAL , March 26, 2020 /CNW Telbec/ - Last week, on March 17 th, Reitmans ( Canada ) Limited (the "Company") voluntarily closed on a temporary basis all of its 587 stores to customers in support of collective efforts to help limit the spread of the virus, and to protect the health and well-being of its employees and customers. Given the rapidly evolving COVID-19 crisis, the Company confirms that it will keep all stores closed to customers until further notice. Furthermore, Reitmans ( Canada ) Limited has made the necessary decision to temporarily lay off 90% of its Canadian retail store employees, across all five of its brands: Reitmans, Penningtons, Addition Elle, RW&CO. and Thyme Maternity, effective March 29 th. This decision also affects approximately 30% of the Company's Montreal Head Office employees, effective March 30 th. In addition, all remaining employees are being asked to collectively contribute to on-going cost-saving initiatives.
Reitmans (Canada) Limited Announces the Appointment of Stephen F. Reitman as Chief Executive Officer and Daniel Rabinowicz as Chairman of the Board of Directors
In the fourth quarter to date, the Company closed 1 store. 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.
Reitmans (Canada) Limited is pleased to announce the appointment of Gale Blank to the position of Chief Information Officer
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Reitmans (Canada) Limited Announces the Departure of Jonathon Fitzgerald, Group President - Addition Elle and Penningtons
MONTREAL , Aug. 8, 2019 /CNW Telbec/ - Reitmans (Canada) Limited (RET.TO) (RET-A.TO) ("Reitmans" or the "Company") announced today that Ms. Terry Yanofsky has been appointed to the Board of Directors of the Company. Ms. Yanofsky has held a number of senior executive positions in marketing, merchandising, sales and operations with some of the most respected Canadian retailers including IKEA Canada, Intrawest Corporation, Victoria's Secret and La Senza. A creative thinker and dynamic leader, Ms. Yanofsky has perfected a strong omni-channel skill set in both entrepreneurial and corporate environments, bringing a well-balanced and disciplined approach to driving revenue, margin and bottom line.
MONTRÉAL, July 29, 2019 /CNW Telbec/ - Reitmans ( Canada ) Limited (RET.TO) (RET-A.TO) ("Reitmans" or the "Company") announced today the preliminary results of its substantial issuer bid (the "Offer") to purchase up to 15 million of its outstanding Class A non-voting shares (the "Shares") at a purchase price of $3.00 per Share (the "Purchase Price") from holders of such Shares ("Shareholders") in Canada . In accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada (the "Depositary"), the Company expects to take up and pay for 14,462,944 Shares at the Purchase Price, for aggregate consideration of $43,388,832 . After giving effect to the purchase of Shares pursuant to the Offer, the Company expects that 35,427,322 Shares will be issued and outstanding.
Jeremy Reitman is the CEO of Reitmans (Canada) Limited (TSE:RET.A). This analysis aims first to contrast CEO...
MONTRÉAL, June 17, 2019 /CNW Telbec/ - Reitmans ( Canada ) Limited (RET.TO) (RET-A.TO) ("Reitmans" or the "Company") announced today that it intends to make a substantial issuer bid (the "Offer") pursuant to which the Company will offer to repurchase for cancellation up to 15 million of its outstanding Class A non-voting shares (the "Shares") at a purchase price of $3.00 per Share (the "Purchase Price") from holders of such Shares ("Shareholders") in Canada . The Company will fund any purchases of Shares pursuant to the Offer from available cash on hand and funds to be derived from the sale of marketable securities in its investment portfolio. If more than 15 million Shares are validly deposited pursuant to the Offer, the Corporation will pro-rate the number of Shares purchased from each Shareholder.