“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. Adds comments from Quebec Premier and details from CCAA filing, beginning in the sixth paragraph, and share price in last paragraph.
Ernst & Young Inc. was appointed as the Reitmans was already in a difficult state before the virus. Reitmans (Canada) Ltd. says the insolvent clothing retailer will close its Thyme Maternity and Addition Elle stores over the summer, affecting about 1,400 employees, as part of its corporate restructuring.The Montreal-based company says it will focus on three brands: Reitmans, Penningtons and RW & CO.The brands will combine an e-commerce focus and a retail network of stores as part of the company’s efforts to “optimize its retail footprint.”The restructuring is taking place under the protection of the Companies’ Creditors Arrangement Act.Reitmans operates 54 Thyme Maternity stores and 77 Addition Elle locations, which will close along with their e-commerce websites on July 18 and Aug. 15 respectively.About 1,100 store employees and 300 head office employees will be affected by the brand closures.“All of the efforts we put forth to turn these brands around were derailed by the COVID-19 pandemic and, unfortunately, we can no longer afford the required resources to bring them back to profitability,” CEO Stephen Reitman says in a news release.Get a roundup of the most important and intriguing national stories delivered to your inbox every weekday.Get a roundup of the most important and intriguing national stories delivered to your inbox every weekday. 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. Leading apparel retailer Reitmans is closing all its women’s Thyme Maternity and Addition Elle stores in the country over the summer as well as chopping its workforce by about 1,100 employees in its retail stores and about 300 employees at its head office in Montreal as part of its restructuring plan under the protection of the Companies’ Creditors Arrangement Act. 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. Reitmans lays off 90% of retail staff as coronavirus shutters stores | Globalnews.ca Reitmans closed its 587 stores in Canada on March 17. Reitmans closing Thyme Maternity, Addition Elle brands amid restructuring
Reitmans (Canada) Ltd. Trump’s aluminum tariffs are ‘bad economics’: Canadian industry minister Reitmans (Canada) Ltd., which is closing its Smart Set chain, is having a tough time but showed signs of progress during the holidays.
Since we also know that you might need to stay home for a little while with your loved ones, all our Reitmans (Canada) Limited brands are temporarily extending their return policy. You will have 30 days from store re-opening to return in-store purchases made since February 1st. With roots going back nearly a century, Reitmans operates about 576 stores and employs 6,800 people worldwide.Photographer: Artur Widak/NurPhoto via Getty ImagesWith roots going back nearly a century, Reitmans operates about 576 stores and employs 6,800 people worldwide.Photographer: Artur Widak/NurPhoto via Getty ImagesPhotographer: Artur Widak/NurPhoto via Getty ImagesThe virus outbreak has “pushed the retail industry into a new and unknown era,” the Montreal-based clothier said in a Application under the CCAA will be heard by the Quebec Superior Court Tuesday. Montreal company already in a weak position before Covid-19 Physical stores will reopen when provincial and regional government guidelines allow it, the company said. The company expects to remain fully operational through e-commerce. The company said the decline was due mostly to disappointing sales at its plus-size stores, the closing of 18 stores and unseasonable weather in early 2019.
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