Reitmans (Canada) Limited permanently closing all Thyme Maternity and Addition Elle stores
Reitmans (Canada) Limited has announced a restructuring plan designed to foster long-term success.
Part of this new plan will see the company focus on three brands--Reitmans, Penningtons, and RW & CO., and Thyme Maternity and Addition Elle will be phased out and completely closed by the end of summer 2020.
“The strategic decision to close two beloved Canadian fashion brands was not made lightly, but it is necessary to enable our business to move forward as a profitable organization," Stephen F. Reitman, president and CEO of Reitmans (Canada) Limited, said in a news release.
"All of the efforts we put forth to turn these brands around were derailed by the COVID-19 pandemic and, unfortunately, we can no longer afford the required resources to bring them back to profitability," he continued.
As more businesses are being permitted to reopen, Reitmans will begin reopening all stores across the country according to government regulations, including all 77 Addition Elle and 54 Thyme Maternity stores.
The company's objective for both Addition Elle and Thyme Maternity will be to liquidate the stores' inventory in preparation for their permanent closures.
The desired timeline for this to happen is by July July 18 for Thyme Maternity and August 15 for Addition Elle.
Further, as a result of the company's downsizing, 1,100 retail employees and 300 employees at the company's Head Office in Montreal will be laid off.
“The impact on all of our employees is, by far, the most difficult and emotional part of this whole process. We are heartbroken to have to say goodbye to esteemed colleagues and we are truly grateful for their hard work and many contributions to our Company over the years," Reitman said.
Reitman added: “As we forge ahead with these three flagship Canadian brands, our intention is to write the next chapter of our Company’s history for a stronger and brighter future. We take this opportunity to thank our loyal Thyme Maternity and Addition Elle customers for their incredible support, and we look forward to welcoming them in our other stores for years to come.”
Cover photo courtesy of Jackie Tardif's Instagram
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