Reitmans announces new online marketplace after emerging from creditor protection
Fresh off the heels of creditor protection, Reitmans (Canada) Ltd. has announced plans to launch an online marketplace for women's clothing.
The Montreal-based company says RCL Market will be available online this fall and feature its three brands, Reitmans, Penningtons and RW&CO.
Reitmans says the marketplace will also offer "hand-picked quality value products offered by partner brands" and is inviting interested vendors to apply to sell clothing on its new site.
Jackie Tardif, president of the Reitmans brand, says the company's e-commerce business has grown exponentially in recent years and RCL Market will further transform the way its customers shop online.
Reitmans said earlier this month it had paid $95 million and exited creditor protection after nearly two years.
The company said it paid court-appointed monitor Ernst & Young Inc. to distribute funds to creditors according to the plan of arrangement.
Reitmans filed for creditor protection and obtained an initial order under the Companies' Creditors Arrangement Act in May 2020.
The women's clothing retailer operates 412 stores consisting of 241 Reitmans, 93 Penningtons and 78 RW&CO locations.
This report by The Canadian Press was first published Jan. 26, 2022.