Company Announcements

Executive Vice President and Chief Financial Officer, Richard Wait, to retire in April 2025

MONTREAL , Nov. 4, 2024 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET-A), one of Canada's leading specialty apparel retailers, today announced the appointment of Caroline Goulian as Chief Financial Officer, effective November 4, 2024. The Company also announced that Richard Wait, Executive Vice President and Chief Financial Officer, will be retiring next April after a remarkable 40-year career with RCL.

Caroline Goulian has more than 20 years of progressively senior financial management experience across large and complex organizations in retail, engineering, financial services, loyalty and transportation industries. She has been serving RCL since January 2020 as Senior Vice President, Financial Performance and Analysis, and previously was with RCL from 2017 to 2018. She has also held key financial positions with SNC-Lavalin Group Inc. (now AtkinsRealis), and Aimia Canada.

"I am thrilled to announce the promotion of Caroline Goulian to Chief Financial Officer," said Andrea Limbardi, President and CEO of RCL. "She is already a proven member of our leadership team who has a solid track record of executive leadership, growth generation, and strategic financial performance. Her experience and ability to align finance functions with business priorities will continue to be an asset to RCL and our finance team as we advance our strategic initiatives."

"We are also fortunate that Richard Wait will be staying on as Executive Vice President until he retires next April. He has been an exceptional Chief Financial Officer and trusted colleague to countless individuals during his tenure at RCL. Richard has been instrumental in leading the Company through pivotal periods of transformation, contributing his unwavering commitment, strategic insight, and passion. His continued guidance over the next few months will ensure a smooth transition. I would like to thank Richard for his strong leadership and his incredible contributions over the past 40 years that have made RCL the success it is today."

About Reitmans (Canada) Limited

Reitmans (Canada) Limited ("RCL") is one of Canada's leading specialty apparel retailers for women and men, with retail outlets throughout the country. The Company operates 389 stores under three distinct banners consisting of 224 Reitmans, 85 PENN. Penningtons, and 80 RW&CO.

For more information, visit www.reitmanscanadalimited.com.

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Forward-Looking Statements

Statements made in this news release, other than statements of fact that are independently verifiable at the date hereof, may be forward-looking in nature. The reader should not place undue reliance on any forward-looking statements included herein. The Company cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits the Company will derive from them. Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements. Factors that could cause results to vary include those identified in the Company's filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings. The Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Reitmans (Canada) Ltd