Reitmans (Canada) Limited - Normal course issuer bid

    MONTREAL, Nov. 22 /CNW Telbec/ - Reitmans (Canada) Limited (the
"Corporation") announced today that it has received approval from the Toronto
Stock Exchange to proceed with a normal course issuer bid. Under the bid, the
Corporation may purchase up to 2,870,615 Class A Non-Voting Shares of the
Corporation (the "Shares"), representing 5% of the issued and outstanding
Class A Non-Voting Shares as at November 9, 2007. The average daily trading
volume for the six month period preceding November 9, 2007 is 127,150 Shares.
In accordance with the Toronto Stock Exchange requirements, a maximum daily
repurchase of 25% of this average may be made.
    The bid will commence on November 28, 2007 and may continue to
November 27, 2008. The Shares will be purchased on behalf of the Corporation
by a registered broker through the facilities of the Toronto Stock Exchange.
The price paid for the Shares will be the market price at the time of
acquisition, and the number of Shares purchased and the timing of any such
purchases will be determined by the Corporation's management. All Shares
purchased by the Corporation will be cancelled. The Corporation currently has
57,412,306 Shares outstanding. During the past 12 months, the Corporation
purchased 560,800 Shares at an average price of $19.65 pursuant to a normal
course issuer bid.
    The directors of the Corporation have concluded that purchases of up to
2,870,615 of the issued and outstanding Shares are an appropriate and
desirable use of the Corporation's available funds and, therefore, would be in
the best interests of the Corporation. As a result of such purchases, the
number of issued Shares will be decreased and, consequently, the proportionate
share interest of all remaining shareholders will be increased on a pro rata
basis.


    Montreal, November 22, 2007

    Jeremy H. Reitman, President

    Telephone: (514) 385-2630
    Corporate Website: www.reitmans.ca


    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.
    %SEDAR: 00002316EF

For further information: Jeremy H. Reitman, President, (514) 385-2630,
www.reitmans.ca