Reitmans Canada Appoints Richard Wait CFO

By

Jennifer Braun

Published
May 1, 2018

Reitmans announced on Monday the appointment of Richard Wait as Vice-President, Finance and Chief Financial Officer and the retirement of Eric Williams. 

 
Wait will transition into his new role over the summer of 2018 with the support of Williams until his retirement, with his new role effective on August 17. 
 
"On behalf of the Board of Directors of the Company and the executive team, I would like to express our sincerest thanks to Eric for the key role he played ensuring that the Company maintained a strong financial position and remained a leader in the apparel industry", said Jeremy Reitman, Chairman and Chief Executive Officer of the Company.

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Despite turbulent times for fashion retailers, the Canadian retailer reported a sales jump of $12 million reaching $964 million for the fiscal year ended February 3, 2018. Still, the company suffered a net loss year-over-year due to its decision to close Hyba retail locations.
 
The womenswear specialty apparel retailer currently operates 637 stores through its banners, Reitmans, Addition Elle, Penningtons, RW&CO., Thyme Maternity and Hyba.