Reitmans appoints new CEO
The board of directors of Reitmans Limited announced on Wednesday the appointment of Stephen F. Reitman as chief executive officer of the company, following the death of CEO and chairman, Jeremy Reitman, who passed away over the holidays.
The Canadian fashion group, and owner of brands Addition Elle and Thyme Maternity, said Stephen - Jeremy’s brother - will remain president in addition to becoming CEO.
Jeremy Reitman headed the Montreal-based women's fashion retailer for a decade, serving as president before taking over as CEO and chairman.
Though the company was growing at the time he took over, the retail chain has shrunk from 968 stores in 2011, to just 587 stores in operation today.
Its retail operations consists of 260 Reitmans, 112 Penningtons, 79 Addition Elle, 81 RW & CO. and 55 Thyme Maternity.
In its most recent quarter, the company announced more declining sales as seen in its first and second quarter of fiscal 2020.
Net loss year-to-date is $35.8 million ($0.61 basic and diluted loss per share), as compared with $15.7 million net earnings ($0.25 basic and diluted earnings per share).
The company also on Wednesday appointed Daniel Rabinowicz, as chairman of its board of directors, effective immediately.
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