MONTREAL, Nov. 20, 2017 /CNW Telbec/ - Reitmans (Canada) Limited (the "Company") today announced that Walter Lamothe, President – Retail and Chief Operating Officer, will be leaving the Company effective immediately after six years of service. During Mr. Lamothe's tenure, the Company achieved key milestones including enhancing its e-commerce business and significantly reducing the number of its store locations to respond to a shift in consumer shopping behaviours. The Company will continue to benefit from the initiatives which he has established. Stephen F. Reitman, President, will reassume the responsibilities of Chief Operating Officer.
About Reitmans (Canada) Limited
Reitmans (Canada) Limited is a leading specialty fashion retailer, with over 8000 employees and operating 652 stores across Canada through its banners, Reitmans, Addition Elle, Penningtons, RW&CO., Thyme Maternity and Hyba. Reitmans (Canada) Limited is a publicly traded company listed on the Toronto Stock Exchange (TSX: RET, RET-A). For more information, visit www.reitmanscanadalimited.com.
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, including those described in the Operating Risk Management and Financial Risk Management sections of the Company's Management Discussion and Analysis. 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 announcement. Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's 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 announcement include, but are not limited to, statements with respect to the Company's anticipated future results and events, future liquidity, planned capital expenditures, amount of pension plan contributions, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives. 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
For further information: Jeremy H. Reitman, Chairman and Chief Executive Officer, Reitmans (Canada) Limited, 514-385-2630