Reitmans (Canada) emerges from restructuring, secures credit

Reitmans (Canada), a Montreal-based women’s specialty apparel retailer, has emerged from its restructuring proceedings pursuant to the Companies’ Creditors Arrangement Act. The company also entered into a senior secured asset-based revolving facility of up to C$115 million with Bank of Montreal.

PRESS RELEASE

Reitmans (Canada) Limited Announces that it has Emerged from Restructuring Proceedings
MONTREAL, Jan. 12, 2022 /CNW Telbec/ – Reitmans (Canada) Limited (“Reitmans” or the “Company”) (TSXV: RET) (TSXV: RET.A) today announces that it has emerged from its restructuring proceedings pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”). In accordance with the Plan of Arrangement, Reitmans has paid to the Monitor appointed under the CCAA process, Ernst & Young Inc., the aggregate amount of $95 million.

The Company also announces that it has entered into the previously-announced senior secured asset-based revolving facility of up to $115 million with Bank of Montreal (the “Credit Facility”). As a result, the implementation conditions of the Plan of Arrangement are now all met. The Credit Facility has a term of three years. Funds advanced under the Credit Facility will be used, among other things, to finance the amounts payable under the Plan of Arrangement and to fund Reitmans’ working capital needs and for its ongoing general corporate purposes, including new store openings and renovations.

Reitmans (Canada), a Montreal-based women’s specialty apparel retailer, has emerged from its restructuring proceedings pursuant to the Companies’ Creditors Arrangement Act.About Reitmans (Canada) Limited
The Company is a leading women’s specialty apparel retailer with retail outlets throughout Canada. The Company operates 412 stores consisting of 241 Reitmans, 93 Penningtons and 78 RW&CO. The Company is a publicly traded company listed on the TSX Venture Exchange (TSX-V: RET, RET-A). For more information, visit www.reitmanscanadalimited.com.