Reitmans (Canada) Limited to Postpone Reporting Financial Results Due to Circumstances Created by the COVID-19 Pandemic

MONTREAL, June 11, 2020 /CNW Telbec/ - Reitmans (Canada) Limited (the "Company") announces today that, due to circumstances created by the COVID-19 pandemic, the Company is postponing the filing of the Company's unaudited condensed consolidated interim financial statements and the management discussion & analysis for the three-month period ended May 2, 2020 (collectively, the "Q1 Documents"). The Company expects to file the Q1 Documents on or about July 29, 2020.

The Company is relying on Decision No. 2020-PDG-0037 of the Autorité des marchés financiers (the "AMF Blanket Decision") and Ontario Instrument 51-505 – Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 of the Ontario Securities Commission ("OI 51-505") permitting a 45-day delay to file the Q1 Documents from the deadline otherwise applicable under Québec and Ontario securities laws. The AMF Blanket Decision was made and OI 51-505 was adopted for the purpose of providing certain filing delays and other relief to issuers in light of the challenges posed by the COVID-19 pandemic for continuous disclosure documents required to be filed between June 2, 2020 and August 31, 2020.

Until the Company has filed the Q1 Documents, members of the Company's board, management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions (in Québec, Policy Statement 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions) such that they are in a blackout period until the end of the second trading day after the Q1 Documents have been disclosed.

Other than as previously disclosed by the Company and as set out below, there have been no material business developments since the date of the Company's most recent filing of its audited consolidated financial statements and management discussion & analysis for the fiscal year ended February 1, 2020 (the "Annual Documents"). The Company has re-opened 445 stores in accordance with provincial and regional governmental guidelines. News releases since the filing on May 1, 2020 of the Annual Documents are available on the Company's corporate website at www.reitmanscanadalimited.com.

About Reitmans (Canada) Limited

The Company is a leading ladies apparel retailer with retail outlets throughout Canada. The Company employs approximately 6,800 people and operates 574 stores consisting of 258 Reitmans, 106 Pennington's, 80 RW & CO., 76 Addition Elle and 54 Thyme Maternity. The Company is a publicly traded company listed on the Toronto Stock Exchange (TSX:  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 current management expectations, 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 prepare and file the Q1 Documents on or about July 29, 2020, the ability to operate physical stores in conformity with provincial and regional governmental guidelines and timing therefor, general economic conditions, general conditions in the retail industry, seasonality, weather and other risks included in the Company's public filings, 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 fiscal year ended February 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 at 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 its ability to prepare and file the Q1 Documents on or about July 29, 2020, its assessment of government publications regarding the COVID-19 pandemic, including on the timing of re-opening of physical stores and on the public health guidelines associated with such re-opening, its assessment of current and future consumer behavior, including the impact of the COVID-19 pandemic on such behavior, its perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes are appropriate under 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 they are 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.

Corporate website: www.reitmanscanadalimited.com.

SOURCE Reitmans (Canada) Limited