Reitmans (Canada) Limited Announces Changes to Board of Directors

MONTREAL, Nov. 21, 2012 /CNW Telbec/ - Reitmans (Canada) Limited announced today that Mr. David J. Kassie and Mr. Daniel Rabinowicz have been appointed to the Board of Directors. Messrs. Kassie and Rabinowicz are replacing Mr. H. Jonathan Birks and Mr. Max Konigsberg who have retired from the Board.

David Kassie is Group Chairman of Canaccord Financial (which owns Canaccord Genuity).  David was formerly Principal, Chairman and CEO of Genuity Capital Markets. He is also the former Chairman and Chief Executive Officer of CIBC World Markets and the Vice Chairman of CIBC.  Mr. Kassie has extensive experience as an advisor, underwriter and principal.  He sits on a number of corporate and community organization boards.

Daniel Rabinowicz is the former President of TAXI Advertising in Montreal and New York. Previously, he taught marketing communications strategy at HEC Montréal and was President of Cossette Communications group in Montreal and Toronto. Mr. Rabinowicz has extensive expertise in marketing and advertising strategy. He sits on the board of several private companies and non-profit organizations.

"On behalf of the Board, I wish to thank Jonathan and Max for their years of dedicated service, wise counsel and significant contribution" said Jeremy H. Reitman, Chairman and Chief Executive Officer of Reitmans (Canada) Limited. "We look forward to working with David and Daniel and to benefiting from their expertise and experience."

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 general economic conditions, general conditions in the retail industry, seasonality, weather and other risks included in public filings of the Company. Consequently, actual future results may differ materially from the anticipated results expressed in forward-looking statements. The reader should not place undue reliance on the 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.

SOURCE: Reitmans (Canada) Limited