Home / Knowledge / News / Apparel/Garments / Closing of Cassis chain
Closing of Cassis chain
21
Oct '11
Reitmans (Canada) Limited announced that following an evaluation and review of strategic alternatives, the Company has decided to close its 25 Cassis stores, primarily through conversion to other Reitmans banners. Despite improvements in the performance of the Cassis banner since its inception, the Company will refocus its sales and merchandising efforts by converting to other banners with a view to enhancing sales in these store locations.

The Cassis banner represents less than 2% of total annual sales of the Company, amounting to approximately $20 million at January 29, 2011. Costs associated with the Cassis banner closures, including asset write-offs and severance related costs, amount to approximately $4 million after tax and will be reflected in our third quarter results.

Reitmans, Canada's largest women's specialty retailer, was founded in 1926 by Herman and Sarah Reitman. Their traditional "general store" opened on St-Laurent Boulevard in Montreal, Quebec, Canada and was run and managed by the Reitman family. The immense popularity of their clothing line prompted them to open their second store, which exclusively sold women's apparel.

Reitmans (Canada) Limited

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search