All Addition Elle and Thyme Maternity shops in Canada to near down

0
20



Reitmans will shutter 77 Addition Elle and 54 Thyme Maternity shops throughout Canada as a part of its restructuring procedure, the Montreal-based store introduced Tuesday.

Ultimate month, the 94-year-old model chain introduced that it might restructure its operations in part on account of COVID-19, which hammered outlets laborious. Company filings display the mum or dad corporate misplaced $87.four million in its final fiscal 12 months, and it owes $92 million to greater than 1,600 collectors.

Along with its eponymous chain that specialize in paintings garments for career-aged girls, Reitmans additionally runs the Addition Elle, Thyme Maternity, RW & Co. and Penningtons chains.

As previous of the restructuring procedure, Reitmans has determined to completely shut Addition Elle and Thyme Maternity. The previous makes a speciality of plus measurement models. The latter on maternity put on.

The transfer will consequence within the lack of about 1,400 jobs — 1,100 in retailer and about 300 at head administrative center.

Reitmans has been round sine 1926 however the COVID-19 pandemic harm the retail industry laborious. (Evan Mitsui/CBC)

“The strategic choice to near two liked Canadian model manufacturers used to be now not made frivolously, however it can be crucial to permit our industry to transport ahead as a successful group,”  CEO Stephen Reitman mentioned.

“All the efforts we put forth to show those manufacturers round had been derailed via the COVID-19 pandemic and, sadly, we will not have enough money the desired assets to carry them again to profitability.”

Places of each chains are set to reopen within the coming days, topic to bodily distancing restrictions around the nation, however the two retail chains can be in wind-down mode, liquidating as a lot stock as imaginable to pay again collectors.

The final day for Thyme Maternity can be July 18.

The final day for Addition Elle will come the following month, on August 15.

Corporate broad, sooner than the restructuring procedure started Reitmans had 576 shops throughout Canada, together with 259 Reitmans, 106 Penningtons and 80 RW & CO. places. Many shops for the surviving 3 emblem names may even shut, as the corporate plans to place extra center of attention into promoting on-line.




Supply hyperlink

LEAVE A REPLY

Please enter your comment!
Please enter your name here