Reitmans (Canada) Limited - Normal course issuer bid

MONTREAL, Nov. 24, 2011 /CNW Telbec/ - Reitmans (Canada) Limited (the "Corporation") announced today that it has received approval from the Toronto Stock Exchange ("TSX") to proceed with a normal course issuer bid. Under the bid, the Corporation may purchase up to 2,579,895 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 14, 2011. The average daily trading volume for the 6-month period preceding November 1, 2011 is 77,593 Shares. In accordance with TSX rules, a maximum daily repurchase of 25% of this average may be made, representing 19,398 Shares.

The bid will commence on November 28, 2011 and may continue to November 27, 2012. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of the TSX or alternative Canadian trading platforms. 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 may also purchase Shares for cancellation by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority. Purchases made by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as provided in the exemption order.

The Corporation currently has 51,597,906 Shares outstanding. During the past 12 months, the Corporation purchased 1,444,900 Shares at a weighted average price of $15.51 pursuant to a normal course issuer bid.

The directors of the Corporation have concluded that purchases of up to 2,579,895 of the issued and outstanding Shares may be 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 24, 2011

Jeremy H. Reitman
Chairman and Chief Executive Officer

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