Bullboard - Stock Discussion Forum Roots Corp T.ROOT

Alternate Symbol(s): RROTF

Roots Corporation is a global lifestyle brand company. The Company designs, markets, and sells a range of selection of products in different departments, including women's men's, children's, and gender-free apparel, leather goods, footwear, and accessories. It operates through two segments: Direct-to-Consumer and Partners and Other. The Direct-to-Consumer segment comprises of sales through... see more

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Roots Corp > Roots could be next

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Post by SIGG1 on May 19, 2020 10:03am

Roots could be next

Reitmans files for creditor protection amid pandemic pain

Canadian retailer Reitmans Ltd. announced it filed for creditor protection Tuesday under the Companies’ Creditors Arrangement Act (CCAA) to facilitate restructuring under the crushing impact of the COVID-19 pandemic.

"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, but this pandemic has left us no choice – we believe that this is the only course of action to ensure we remain successful in the future,” said Reitmans President and CEO Stephen Reitman in a release.

The company, which opened for business 94 years ago, said it will continue operations as it restructures and will “look to optimize its retail footprint in Canada to emerge from this process in a stronger state.”

At the start of May, the Montreal-based retailer, which closed its stores due to the pandemic on March 17, said it was actively seeking additional financing and warned about its future if it wasn’t able to obtain necessary financing.

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