Reitmans (Canada) Limited announces appointment of new Director

MONTREAL, Sept. 28, 2016 /CNW Telbec/ - Reitmans (Canada) Limited announced today that Mr. Bruce J. Guerriero, CPA, CA has been appointed to the Board of Directors of the Corporation.

Mr. Guerriero was a Senior Audit Partner in the Montreal office of KPMG LLP, where he practiced for 38 years before retiring in September 2014.  During his years at KPMG, Mr. Guerriero served as the lead audit engagement partner for medium and large scale clients in different business sectors including Consumer Markets and Retail. Mr. Guerriero has assisted companies with their public offerings on Canadian and US exchanges as well as provided them with assistance in meeting their ongoing financial reporting requirements with Canadian and U.S. securities regulators.

Mr. Guerriero served on KPMG Canada's Partnership Board of Directors from 2003 to 2010.

"We are privileged to have Bruce Guerriero join the Reitmans' Board. He brings a great deal of experience and an impressive skillset in audit and corporate governance matters. We are confident that he will be of invaluable help to Reitmans in helping it to meet its audit and governance responsibilities and we are looking forward to working with him", said Jeremy H. Reitman, Chairman and Chief Executive Officer of Reitmans (Canada) Limited.

All of the statements contained herein, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company's control. Such risks include but are not limited to: the impact of general economic conditions, general conditions in the retail industry, seasonality, weather and other risks included in public filings of the Company, including those described in the Operating Risk Management and Financial Risk Management sections of the Company's Management Discussion and Analysis.  Consequently, actual future results may differ materially from the anticipated results expressed in forward-looking statements, which reflect the Company's expectations only as of the date of this press announcement.  Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes are appropriate in the circumstances.  Specific forward-looking statements in this press announcement include, but are not limited to, statements with respect to the Company's anticipated future results and events, future liquidity, planned capital expenditures, amount of pension plan contributions, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives.  The reader should not place undue reliance on any forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law.

SOURCE Reitmans (Canada) Limited

Jeremy H. Reitman, Chairman and Chief Executive Officer, Telephone: [phone], Corporate Website: www.reitmanscanadalimited.com