Reitmans (Canada) Limited Provides Update on CCAA Process and Trading on its Shares

• The Company filed for creditor protection and obtained an initial order under the CCAA on May 19, 2020, that was initially amended and restated on May 29, 2020 and subsequently amended and restated as of today.
• The Company remains open for business on all of its e-commerce websites and in all of its stores.
• The Company expects to be delisted from the Toronto Stock Exchange on July 29 and is working to transition to the TSX Venture Exchange.

MONTREAL, July 27, 2020 /CNW Telbec/ - Reitmans (Canada) Limited ("Reitmans" or the "Company") provides an update today following its filing on May 19, 2020 for creditor protection pursuant to the Companies' Creditors Arrangement Act (the "CCAA"). Since its initial filing, the Company obtained an extension of the Initial Order until July 29, 2020. Today, the Québec Superior Court issued a second Amended and Restated Initial Order pursuant to the CCAA granting the Company an extension until October 16, 2020.

Reitmans continues to make further progress in the CCAA process with the assistance of Ernst & Young Inc., the Monitor appointed under the CCAA process, and expects to continue to make announcements as further material progress is made.

The Company is currently fully operational through its brands' e-commerce websites and its physical stores, all of which have re-opened in conformity with provincial and regional governmental guidelines.

Listing of the Company's Shares

In accordance with the rules of the Toronto Stock Exchange (the "TSX"), trading in the Company's common shares and Class A non-voting shares was suspended on May 19, 2020 following the issuance of the Initial Order. It is expected that the Company's shares will be delisted from the TSX, effective as at the close of business on July 29, 2020. The Company is currently working to transition the trading of its shares from the TSX to the TSX Venture Exchange (the "TSX-V"), which transition is expected to take effect by the second week of August, 2020. While the Company expects that its shares will transition from the TSX to the TSX-V, there is no guarantee that such transition will occur.

About Reitmans (Canada) Limited

The Company is a leading ladies apparel retailer with retail outlets throughout Canada. The Company employs approximately 6,000 people and currently operates 516 stores consisting of 255 Reitmans, 106 Penningtons, 80 RW & CO. and 75 Addition Elle. The Company is a publicly traded company listed on the Toronto Stock Exchange (TSX:  RET, RET-A). For more information, visit www.reitmanscanadalimited.com.

Forward-Looking Statements
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. Such risks include but are not limited to: the impact of the current COVID-19 pandemic on the Company's business and affairs, including the ability to operate the physical stores in conformity with provincial and regional governmental guidelines and timing therefor, the risks and uncertainties related to the CCAA process, including the ability for the Company to obtain financing during and following the CCAA process, the inability of the Company to transition its listing from the TSX to the TSX-V, general economic conditions, general conditions in the retail industry, seasonality, weather and other risks included in public filings of the Company, including those described in the Operating Risk Management and Financial Risk Management sections of the Company's most recent Management Discussion and Analysis for the fiscal year ended February 1, 2020. Consequently, actual future results may differ materially from the anticipated results expressed in forward-looking statements, which reflect the Company's expectations only as of the date of this press release. Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's assessment of government publications regarding the COVID-19 pandemic, including on the timing of re-opening of physical stores and on the public health guidelines associated with such re-opening, its assessment of current and future consumer behavior, including the impact of the COVID-19 on such behavior, its assumption that, in the case of the CCAA process, it will obtain all necessary court orders extending the applicable stays of actions and proceedings against the Company to permit it to propose a restructuring plan to the affected creditors, its assessment of its ability to meet the listing conditions of the TSX-V, its perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes are appropriate in the circumstances. Specific forward-looking statements in this press release may include, but are not limited to, statements with respect to the capacity to obtain financing. The reader should not place undue reliance on any forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law.

www.reitmanscanadalimited.com

SOURCE Reitmans (Canada) Limited