Reitmans Explained

Reitmans Canada Ltd.
Type:	Public
Foundation:	Montreal, Quebec, Canada (1926)
Location City:	Montreal, Quebec
Location Country:	Canada
Locations:	400+
Key People:	Andrea Limbardi (President and chief executive officer) Stephen F. Reitman (Executive Chairman of the Board)
Industry:	Clothing Stores
Products:	Women's Clothing
Revenue:	^[1]
Founders:	Herman Reitman Sarah Reitman
Num Employees:	6,812 (2023)^[2]
Homepage:	www.reitmanscanadalimited.com

Reitmans Canada Ltd. is a Canadian retailing company, specializing in women's clothing. The company operates several store brands, including Reitmans, Penningtons, and RW&CO.

Reitmans was founded in 1926 by Herman and Sarah Reitman, in Montreal, Quebec. The immediate success of the first store on Saint Laurent Boulevard prompted the Reitmans to open a second store which sold exclusively women's clothing. The founders' grandson Jeremy Reitman (who died in 2019) would later serve as chairman of the board and chief executive officer, with his brother Stephen Reitman as president and chief operating officer. By 2016, the company was active in 685 locations with stores in every province and two of three territories in Canada. For the fiscal year of 2015, net earnings were $13,415,000 on sales of $939,376,000.^[3] However, Reitmans Canada Limited sought protection under the Companies' Creditors Arrangement Act (the "CCAA") in May 2020^[4] in order to facilitate its operational, commercial and financial restructuring. They subsequently closed their Thyme Maternity (54 locations) and Addition Elle (77 locations) stores over the summer of 2020. As at April 30, 2022, the Company emerged from protection and operated 406 stores consisting of 237 Reitmans, 92 Penningtons and 77 RW&CO.The company's stock was moved from the Toronto Stock Exchange to the TSX Venture Exchange.^[5]

In June 2023, Andrea Limbardi is named as president and chief executive, the company's first non-family member to occupy this position. ^[6]

Reitmans Divisions

Reitmans Canada Limited stores organized into operating chains aimed at different market segments.^[7]

Current divisions

Reitmans is Canada's largest women's clothing specialty chain. There are 270 Reitmans stores, with stores in all ten provinces and two of Canada's three territories.
RW&CO. caters to men and women aged 25 to 40. It is the only chain in the Reitmans group that caters to both women and men. There are 89 RW & Co stores, with stores located in every province except Prince Edward Island.
Penningtons caters to plus sized women. The chain offers career, casual clothing, underwear and accessories. There are 122 Penningtons stores, with stores located in all ten provinces.

Closed divisions

Hyba, re-branded from Smart Set, was a women's activewear store closures were announced by Reitmans in March 2019; however, the Hyba clothing line continued to be carried at Reitmans stores thereafter
Thyme Maternity catered to pregnant women. There were 63 Thyme Maternity stores, with stores in every province except Newfoundland and Prince Edward Island.
Addition Elle focused on plus sized women. There were 90 Addition Elle stores.
Cassis focused on women aged 40 to 60 but closed in 2011.^[8]

External links

Notes and References

Web site: Reitmans Q4 sales up 11.4 percent, but profits narrow. June 10, 2023.
Web site: Reitmans Overview . 2023-06-10.
http://www.reitmanscanadalimited.com/pdf/report_annualreport_en_35_01052015102750.pdf Reitmans 2015 Annual Report
Web site: Canada's Reitmans seeks bankruptcy protection as COVID-19 shuts stores National Post .
Reitmans (Canada) Limited Announces Listing on the TSX Venture Exchange . . September 1, 2020.
Web site: Reitmans Names First Non-Family Member as Next CEO .
Numbers of stores in and locations for stores in each chain taken from financial results for the 13 weeks ended April 30, 2022.
News: Reitmans to close Cassis chain . National Post . October 19, 2011.