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Press release from CNW Group


Monday, November 22, 2010

REITMANS (CANADA) LIMITED - NORMAL COURSE ISSUER BID08:57 EST Monday, November 22, 2010MONTREAL, Nov. 22 /CNW Telbec/ - Reitmans (Canada) Limited (the "Corporation") announced today that it has received approval from the Toronto Stock Exchange ("TSX") to proceed with a normal course issuer bid. Under the bid, the Corporation may purchase up to 2,638,115 Class A Non-Voting Shares of the Corporation (the "Shares"), representing 5% of the issued and outstanding Class A Non-Voting Shares as at November 17, 2010. The average daily trading volume for the 6-month period preceding November 1, 2010 is 71,905 Shares. In accordance with TSX rules, a maximum daily repurchase of 25% of this average may be made, representing 17,976 Shares.The bid will commence on November 28, 2010 and may continue to November 27, 2011. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of the TSX. The price paid for the Shares will be the market price at the time of acquisition, and the number of Shares purchased and the timing of any such purchases will be determined by the Corporation's management. All Shares purchased by the Corporation will be cancelled. The Corporation currently has 52,762,306 Shares outstanding. During the past 12 months, the Corporation purchased 2,083,300 Shares at a weighted average price of $18.46 pursuant to a normal course issuer bid.The directors of the Corporation have concluded that purchases of up to 2,638,115 of the issued and outstanding Shares are an appropriate and desirable use of the Corporation's available funds and, therefore, would be in the best interests of the Corporation. As a result of such purchases, the number of issued Shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.Montreal, November 22, 2010 << Jeremy H. Reitman Chairman and Chief Executive Officer Telephone: (514) 385-2630 Corporate Website: >>%SEDAR: 00002316EFFor further information: Jeremy H. Reitman, Chairman and Chief Executive Officer, Telephone: (514) 385-2630, Corporate Website: