Reitmans

Reitmans Ltd. is a Canadian retailing company, specializing in women's clothing. It was founded in 1926 by Herman and Sarah Reitman, in Montreal, Quebec, Canada. The immediate success of the first store on Saint Laurent Boulevard prompted the Reitmans to open a second store which sold exclusively women's clothing.

This article is about the company. For other people with the same name, see Reitman.

Reitmans Ltd.
Public
Traded asTSX: RET
IndustryClothing Stores
FateOperating, but in bankruptcy protection
FoundedMontreal, Quebec, Canada (1926)
FoundersHerman Reitman
Sarah Reitman
Headquarters
Montreal, Quebec
,
Canada
Key people
Jeremy H. Reitman, Stephen F. Reitman
Number of employees
10,000 (2010)[1]
Divisions
  • Reitmans
  • RW&CO
  • Penningtons
  • Thyme Maternity (Closing)
  • Addition Elle (Closing)
Websitewww.reitmanscanadalimited.com

At the end of November 2016, Reitmans operated 685 stores organized into six operating chains: Reitmans, R.W. & Company, Thyme Maternity, Penningtons, Hyba and Addition-Elle. The company operates stores in every province and two of three territories in Canada.[2] For the fiscal year of 2015, net earnings were $13,415,000 on sales of $939,376,000. (See Annual Report and filings on the TSX)

Motto

Reitmans' motto is "Fits your beautiful", changed from Designed for real life. In fall 2004, Reitmans used this slogan to advertise, saying: "Life is a catwalk. Have fun with it!".[3]

Officers

Jeremy Reitman (who died in 2019) served as Chairman of the Board and Chief Executive Officer, with his brother Stephen Reitman as President and Chief Operating Officer. They are the grandsons of Reitmans' founders Herman and Sarah Reitman. Richard Wait is Vice-President, Finance and Chief Financial Officer, Allen Rubin is Vice President Operations and Lynda Newcomb is Chief Human Resource Officer.

Reitmans Divisions

Reitmans stores organized into operating chains aimed at different market segments.[4]

Reitmans in Markville Shopping Centre in Markham, Ontario.

Current divisions
  • Reitmans is Canada's largest women's clothing specialty chain. There are 270 Reitmans stores, with stores in all ten provinces and two of Canada's three territories.
  • RW&CO. caters to men and women aged 25 to 40. It is the only chain in the Reitmans group that caters to both women and men. There are 89 RW & Co stores, with stores located in every province except Prince Edward Island.
  • Penningtons caters to plus sized women. The chain offers career, casual clothing, underwear and accessories. There are 122 Penningtons stores, with stores located in all ten provinces.

Closing divisions (summer 2020)
  • Thyme Maternity caters to pregnant women. There are 63 Thyme Maternity stores, with stores in every province except Newfoundland and Prince Edward Island. All to be closed as part of the
  • Addition Elle is for plus sized women. There are 90 Addition Elle stores.

Bankruptcy Protection and Division Closures

On May 19, 2020, Reitmans filed for bankruptcy protection, putting the company's survival in question.[5]

On June 1, 2020, Reitmans announced it was closing all Thyme Maternity (54 locations) and Addition Elle (77 locations) stores over the summer of 2020. The overall restructuring plan, under the protection of the Companies’ Creditors Arrangement Act, would result in approximately 1,400 job losses (1,100 retail store and 300 employees head office positions) and reduce its divisions to only Reitmans, Penningtons, and RW & CO.[6]

References
  1. "Company Profile for Reitmans Canada Limited (CA;RET.A)". Retrieved 2008-10-09.
  2. Reitmans 2015 Annual Report
  3. http://www.reitmans.com-pdf-Flyer_E.PDF%5B%5D
  4. Numbers of stores in and locations for stores in each chain taken from the Reitmans 2011 Annual Report and are current to January 29, 2011.
  5. https://nationalpost.com/news/canada/canadas-reitmans-seeks-bankruptcy-protection-as-covid-19-shuts-stores
  6. "Reitmans Permanently Shutting All 131 Addition Elle and Thyme Maternity Storefronts Amid Restructuring". RETAIL INSIDER. Retrieved 2020-06-02.
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