Reitmans gets a new reprieve

Retailer Reitmans was granted another stay, allowing it to stay longer than expected under the protection of the Companies’ Creditors Arrangement Act (LAAC).

The Montreal clothing company announced on Friday that the protection of the law now extends until January 22, 2021.

“Reitmans continues to advance the CCAA proceeding with the assistance of Ernst & Young, the monitor appointed in the proceeding, and plans to continue making announcements as it moves to further stages. important to the procedure, ”one said in a press release.

The Court of Appeal had already extended the protection conferred by the LAAC until July 29, then again until October 16. With this new extension, Reitmans can continue its restructuring without crediting its creditors.

The company continues to sell its products, especially online and in certain stores.

On May 19, the Montreal channel announced that it was placing itself under the protection of the courts. Short of liquidity to meet its financial obligations, it was bearing the brunt of the consequences of the COVID-19 crisis.

Specializing in women’s clothing, the company operates 420 stores across the country, including 248 Reitmans, 93 Penningtons, 79 RW & CO.

About Victoria Smith

Victoria Smith who hails from Toronto, Canada currently runs this news portofolio who completed Masters in Political science from University of Toronto. She started her career with BBC then relocated to TorontoStar as senior political reporter. She is caring and hardworking.

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