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Reitmans

This article is about the company. For other people with the same name, see Reitman.
Reitmans Canada Ltd.
Company typePublic
TSX-V: RET
IndustryClothing Stores
FoundedMontreal, Quebec, Canada (1926)
FoundersHerman Reitman
Sarah Reitman
Headquarters
Montreal, Quebec
,
Canada
Number of locations
400+
Key people
Andrea Limbardi (President and chief executive officer)
Stephen F. Reitman (Executive Chairman of the Board)
ProductsWomen's Clothing
RevenueIncrease CA$800.6 million (2023)[1]
Decrease CA$77.7 million (2023)
Number of employees
6,812 (2023)[2]
Divisions
  • Reitmans
  • RW&CO.
  • Penningtons
Websitewww.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]

Reitmans in Markville Shopping Centre in Markham, Ontario.

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]

References

  1. ^ "Reitmans Q4 sales up 11.4 percent, but profits narrow". June 10, 2023.
  2. ^ "Reitmans Overview". Retrieved 2023-06-10.
  3. ^ Reitmans 2015 Annual Report (See Annual Report and filings on the TSX)
  4. ^ "Canada's Reitmans seeks bankruptcy protection as COVID-19 shuts stores | National Post".
  5. ^ "Reitmans (Canada) Limited Announces Listing on the TSX Venture Exchange" (Press release). Cision. September 1, 2020.
  6. ^ "Reitmans Names First Non-Family Member as Next CEO".
  7. ^ Numbers of stores in and locations for stores in each chain taken from financial results for the 13 weeks ended April 30, 2022.
  8. ^ "Reitmans to close Cassis chain". National Post. October 19, 2011.
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