MONTRÉAL, Nov. 2, 2020 /CNW/ - Le Château Inc. (NEX: CTU.H) ("Le Château" or the "Company") announced today that the Québec Superior Court (Commercial Division) (the "Court") issued an Amended and Restated Initial Order extending to January 15, 2021 the application of the Initial Order obtained by the Company on October 23, 2020 under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The Amended and Restated Initial Order also deals with certain administrative matters.
Further, the Court also issued today a Liquidation Order, allowing the Company to proceed with the sale of its assets and wind down of its operations.
The Amended and Restated Initial Order and the Liquidation Order will be available at www.pwc.com/ca/lechateau.
The Company will continue to provide updates throughout the liquidation process as events warrant.
Profile
Le Château is a Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 121 prime locations across Canada and an e-com platform servicing Canada and the U.S.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company's reasonable expectations, estimates and forecasts. Forward-looking statements in this press release include, but are not limited to, statements with respect to the CCAA proceedings and the liquidation process. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company's control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the risks and uncertainties related to the ongoing proceedings under the CCAA, the liquidation process, health crises & economic downturn, liquidity risks, general economic conditions and normal business uncertainty. The foregoing list of risk factors is not exhaustive. The risks and uncertainties faced by the Company are substantially the same as those outlined in the annual management's discussion and analysis for the year ended January 25, 2020.
SOURCE LE CHATEAU INC.
Emilia Di Raddo, CPA, CA, President, (514) 738-7000; Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514) 738-7000; MaisonBrison: Pierre Boucher, (514) 731-0000
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