Reitmans (Canada) Limited Announces the Appointment of Richard Wait as Executive Vice-President & Chief Financial Officer

MONTREAL, April 12, 2021 /CNW Telbec/ - Reitmans (Canada) Limited (the "Company") announces today that Richard Wait, CPA, CGA, a long-standing Reitmans (Canada) Limited executive, is appointed to the position of Executive Vice-President and Chief Financial Officer effective immediately. Mr. Wait, who was previously Vice-President, Finance, and Chief Financial Officer, will continue reporting to Stephen F. Reitman, President and Chief Executive Officer of Reitmans (Canada) Limited.

"I am extremely pleased to appoint Richard Wait as Executive Vice-President and Chief Financial Officer of Reitmans (Canada) Limited, a change in title that reflects the scope of his responsibilities as well as his remarkable contribution to our organization," said Stephen F. Reitman, President and Chief Executive Officer of Reitmans (Canada) Limited. "Over the years, Richard has demonstrated outstanding leadership and strategic vision, spearheading several initiatives to ensure the Company's long-term success. As always, he remains a valuable and trusted advisor to the Board of Directors and to myself."

Richard Wait, who has been with Reitmans (Canada) Limited for over 35 years, is an accomplished senior executive with solid financial expertise and extensive experience in the industry.

About Reitmans (Canada) Limited
The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada. The Company operates 415 stores consisting of 245 Reitmans, 92 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.

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 and 39 weeks period ended October 31, 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.

SOURCE Reitmans (Canada) Limited