• The Company also announces that it has entered into a $ 115 million credit facility

MONTREAL, January 12, 2022 / CNW Telbec / – Reitmans (Canada) Limited (“Reitmans“or the”Society“) (TSXV: RET) (TSXV: RET.A) announces today that it has exited its restructuring proceedings under the Companies’ Creditors Arrangement Act (the “LACC“). Pursuant to the Plan of Arrangement, Reitmans paid to the Monitor appointed under the CCAA process, Ernst & Young Inc., the total amount of $ 95 million.

The Company also announces that it has entered into the previously announced senior secured revolving asset-based facility for a maximum amount of $ 115 million with the Bank of Montreal (the “Credit facilityAs a result, the conditions for implementing the Plan of Arrangement are now all met. The Credit Facility has a term of three years. The funds advanced under the Credit Facility will be used, among other things, for to fund amounts payable under the Plan of Arrangement and to fund Reitmans’ working capital requirements and for its current general purposes, including new store openings and renovations.

On Reitmans (Canada) Limited

The company is a leading retailer of specialty women’s clothing with outlets all over Canada. The Company operates 412 stores, including 241 Reitmans, 93 Penningtons and 78 RW&CO. The Company is a listed company listed on the TSX Venture Exchange (TSX-V: RET, RET-A). For more information, visit www.reitmanscanadalimited.com.

Forward-looking statements

All statements contained in this document, except statements of fact which are independently verifiable as of the date hereof, are forward-looking statements. Such statements, based on management’s current expectations, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the control of the Company. These risks include, but are not limited to: general economic conditions, general conditions of the retail industry, seasonality, weather conditions and other risks included in the Company’s public documents, including those described in the Operational Risk Management and Financial Risk Management sections of the Company’s most recent management report for the 13 and 39 weeks ended October 30, 2021. Therefore, actual future results may differ materially from anticipated results expressed in forward-looking statements, which reflect the Company’s expectations only as of the date of this press release. Forward-looking statements are based on the Company’s current estimates, beliefs and assumptions, which are based on management’s assessment of current and future consumer behavior, including the impact of COVID-19 on such behavior. , its perception of historical trends, current conditions and currently expected future developments, as well as other factors that it deems appropriate in the circumstances. The reader should not place undue reliance on the forward-looking statements included in this document. These statements speak only as of the date of their writing and the Company has no obligation and disclaims any intention to update or revise these statements as a result of any event, circumstance or otherwise, except to the extent required. by applicable securities laws.

www.reitmanscanadalimited.com

No more TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this version.

THE SOURCE Reitmans (Canada) Limited

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