Le Château Provides Update on CCAA Process

MONTRÉAL, March 30, 2021 /CNW Telbec/ - Le Château Inc. (NEX: CTU.H) ("Le Château" or the "Company") provides an update today following its filing on October 23, 2020 for creditor protection pursuant to the Companies' Creditors Arrangement Act (the "CCAA"). Since its initial filing, the Company obtained extensions of the Initial Order until March 31, 2021. Today, the Québec Superior Court, Commercial Division (the "Court"), issued an extension of the stay of proceedings pursuant to the CCAA until July 16, 2021. Further, the Court also granted an extension of the currently ongoing sale and liquidation process until June 30, 2021.

Le Château continues to make progress in its liquidation process under the CCAA with the assistance of PricewaterhouseCooper LLP, the monitor appointed under the CCAA process, and Hilco Streambank, which is currently seeking indications of interest to acquire assets, including the e-Commerce platform, related intellectual property assets, and publicly-traded entity, of Le Château. The Company expects to continue to make announcements as further material progress is made.

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 116 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 sale 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, [phone]; Johnny Del Ciancio, CPA, CA, Vice-President, Finance, [phone]; MaisonBrison: Pierre Boucher, [phone]