Reitmans (Canada) Limited Provides Update on CCAA Process

• The Company filed for creditor protection and obtained an initial order under the CCAA on May 19, 2020, which was further amended and restated today until January 22, 2021.

MONTREAL, Oct. 16, 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 extensions of the Initial Order until October 16, 2020. Today, the Québec Superior Court issued a third Amended and Restated Initial Order pursuant to the CCAA granting the Company an extension until January 22, 2021.

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 remains fully operational during the CCAA process through its brands' e-commerce websites and its physical stores, all of which are opened in conformity with provincial and regional governmental guidelines.

About Reitmans (Canada) Limited

The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada. As at October 16, 2020, the Company operated 420 stores consisting of 248 Reitmans, 93 Penningtons and 79 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.

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, the risks and uncertainties related to the CCAA process, including the ability for the Company to obtain financing following the CCAA process, 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 13-week period ended August 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, 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 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