Press release from CNW Group
Reitmans (Canada) Limited Announces Alliance with Sears Canada to Provide Penningtons Plus-Size Fashions for Sears Stores and Website
Thursday, July 11, 2013
Reitmans (Canada) Limited Announces Alliance with Sears Canada to Provide Penningtons Plus-Size Fashions for Sears Stores and Website07:00 EDT Thursday, July 11, 2013
MONTREAL, July 11, 2013 /CNW Telbec/ - Reitmans (Canada) Limited (TSX: RET) announced today an agreement with Sears Canada (TSX: SCC) for the introduction of Penningtons plus-size apparel in Sears stores in Canada. This partnership between Reitmans (Canada) Limited and Sears Canada will see Penningtons products initially being made available in five Sears stores, as well as online at sears.ca. It is expected that Penningtons apparel will be introduced into additional Sears stores in 2014.
Penningtons is a leading retailer of plus-size apparel to fashion-conscious and value-oriented women in Canada, with 156 stores serving the plus-size demographic. This partnership between Reitmans (Canada) Limited and Sears Canada will allow Sears Canada to strengthen its presence in the plus-size market in Canada and to offer to its customers an exciting assortment of Penningtons products. Reitmans (Canada) Limited believes that it is the leader in Canada serving the plus-size segment with its Penningtons and Addition Elle brands, and this partnership with Sears Canada will enhance and extend the availability of Penningtons apparel to Canadian women across Canada.
"We are delighted with our new association with Sears Canada," said Jeremy Reitman, Chairman and Chief Executive Officer of Reitmans (Canada) Limited. "The Penningtons brand and the Sears brand are both well-established and highly respected names in the Canadian marketplace and this combination is another effective way for Penningtons to market its apparel to Canadian women in a trusted and attractive retail environment."
Reitmans (Canada) Limited is Canada's largest ladies apparel retailer, operating 904 stores in Canada, under the Reitmans, Smart Set, RW & CO., Thyme Maternity, Penningtons and Addition Elle banners.
All of the statements contained herein, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company's control. Such risks include but are not limited to: the impact of general economic conditions, general conditions in the retail industry, seasonality, weather and other risks included in public filings of the Company. Consequently, actual future results may differ materially from the anticipated results expressed in forward-looking statements. The reader should not place undue reliance on the forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law.
SOURCE: Reitmans (Canada) Limited
For further information:
Jeremy H. Reitman
Chairman and Chief Executive Officer
Telephone: (514) 385-2630
Corporate Website: www.reitmans.ca