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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Le Château Inc.    CTU.H   CA5211292050

LE CHÂTEAU INC.

(CTU.H)
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Le Château : CHATEAU OBTAINS AMENDED AND RESTATED INITIAL ORDER UNDER THE CCAA

11/03/2020 | 01:40pm EST

PRESS RELEASE

LE CHÂTEAU OBTAINS AMENDED AND RESTATED INITIAL ORDER UNDER THE CCAA

Montréal, November 2, 2020 - Le Château Inc. (NEX: CTU.H) ("Le Château" or the "Company") announced today that the Québec Superior Court (Commercial Division) (the "Court") issued an Amended and Restated Initial Order extending to January 15, 2021 the application of the Initial Order obtained by the Company on October 23, 2020 under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The Amended and Restated Initial Order also deals with certain administrative matters.

Further, the Court also issued today a Liquidation Order, allowing the Company to proceed with the sale of its assets and wind down of its operations.

The Amended and Restated Initial Order and the Liquidation Order will be available at www.pwc.com/ca/lechateau.

The Company will continue to provide updates throughout the liquidation process as events warrant.

Profile

Le Château is a Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 121 prime locations across Canada and an e-com platform servicing Canada and the U.S.

Forward-Looking Statements

This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company's reasonable expectations, estimates and forecasts. Forward-looking statements in this press release include, but are not limited to, statements with respect to the CCAA proceedings and the liquidation process. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company's control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.

Factors which could cause actual results or events to differ materially from current expectations include, among other things: the risks and uncertainties related to the ongoing proceedings under the CCAA, the liquidation process, health crises & economic downturn, liquidity risks, general economic conditions and normal business uncertainty. The foregoing list of risk factors is not exhaustive. The risks and uncertainties faced by the Company are substantially the same as those outlined in the annual management's discussion and analysis for the year ended January 25, 2020.

For further information

Emilia Di Raddo, CPA, CA, President, (514) 738-7000

Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514) 738-7000

MaisonBrison: Pierre Boucher, (514) 731-0000

Source: Le Château Inc.

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This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Le Chateau Inc. published this content on 02 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2020 18:39:01 UTC


© Publicnow 2020
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Financials
Sales 2020 176 M 138 M 138 M
Net income 2020 -69,2 M -54,4 M -54,4 M
Net Debt 2020 174 M 137 M 137 M
P/E ratio 2020 -0,02x
Yield 2020 -
Capitalization 0,45 M 0,35 M 0,35 M
EV / Sales 2019 0,43x
EV / Sales 2020 1,00x
Nbr of Employees 1 693
Free-Float 34,8%
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Managers and Directors
NameTitle
Emilia di Raddo President & Director
Franco Rocchi Senior Vice President-Sales & Operations
Johnny del Ciancio Secretary & Vice President-Finance
Richard Gill Vice President-Information Technology
David Martz Independent Director
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