Reitmans, the Canadian women's specialty apparel retailer, has posted a sales decline to C$104.7 million in its first quarter for fiscal 2021 that ended on May 2, compared to sales of C$185.1 million in same period last year. The company incurred a net loss during the quarter of C$74.6 million (Q1 FY20: C$12.6 million).
Gross profit for the quarter fell to C$30.9 million (C$101.8 million). Selling and distribution expenses were C$85 million (C$102.3 million). Results from operating activities for the quarter were a loss of C$83.5 million (C$13.1 million).
The company also announced that it is streamlining its senior leadership team by abolishing the position of President, RW&CO, held by Lora Tisi. As a result, Tisi has now left.
As part of its restructuring process under the Companies' Creditors Arrangement Act, it has already announced the closure of Thyme Maternity and Addition Elle and t plans to build its future on three brands: Reitmans, Penningtons and RW&CO.
Michael Strachan will assume the position of President of the Penningtons and RW&CO brands. Jackie Tardif will continue in her role as President of the Reitmans brand.