A Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19.
Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring.
In a press release, the company says the restructuring plan will help build a more resilient organization that will be positioned for long-term success.
Filing for protection under the CCAA is truly the hardest decision we have had to make as an organization in our almost one hundred years of history, said Stephen Reitman, president and chief executive officer, in the release.
This pandemic has left us no choice we believe th…