Reitmans (Canada) Limited Provides Further 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 September 28, 2021.
• The Company has elected to reduce the amount of the interim financing (DIP) entered into in connection with the CCAA process from $60.0 million to $30.0 million.

MONTREAL, May 25, 2021 /CNW Telbec/ - Reitmans (Canada) Limited ("Reitmans" or the "Company") provides a further 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 May 28, 2021. Today, the Québec Superior Court issued an extension of the stay of proceedings pursuant to the CCAA until September 28, 2021. The Company also announces that it has elected to reduce the amount of the interim financing (DIP) entered into in connection with the CCAA process from $60.0 million to $30.0 million.

Reitmans continues to make 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.

About Reitmans (Canada) Limited

The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada. The Company operates 414 stores consisting of 245 Reitmans, 91 Penningtons and 78 RW&CO. The Company is a publicly traded company listed on the TSX Venture Exchange (TSXV: RET) (TSXV: RET-A). For more information, visit www.reitmanscanadalimited.com.

www.reitmanscanadalimited.com

SOURCE Reitmans (Canada) Limited