Reitmans (Canada) Ltd. says it is seeking court protection from its creditors under the Companies’ Creditors Arrangement Act to allow a restructuring of the retailer.
The company says the application will be heard by the Quebec Superior Court today. It says the process will allow the company to implement a restructuring plan that addresses the impacts of COVID-19. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] The pandemic forced the closure of the retailers stores in a bid to slow the spread of the coronavirus but its e-commerce websites have remained open.
In conjunction with its court filing, the company says it has undertaken a process to secure interim financing to allow its stores to continue normal