Le Chateau Stores Are Closing!
Discounts of 20%–40% start today in all 121 stores and lechateau.com
Date november 2, 2020
Gordon Brothers (through its Canadian division, Gordon Brothers Canada ULC) and Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC) (collectively, the "JV Group") have been retained to conduct store closing sales for Le Château Inc. (NEX: CTU.H) (the "Company” or "Le Château") effective today, November 2, 2020. The Québec Superior Court (Commercial Division) approved today an Amended and Restated Initial Order and a Liquidation Order pursuant to the Companies’ Creditors Arrangement Act (Canada) (the "CCAA") permitting the Company to proceed with the sale of its assets and wind down of its operations. A full listing of store locations can be found here.
Starting today, Le Château customers can take advantage of discounts up to 40% off the entire store: apparel, shoes, boots and accessories. Shop the best selection in jewelry, all at 40% off, and all dresses and handbags, now at 30% off.
A spokesperson for the JV Group said, "We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores and website. New arrivals in seasonal merchandise are also on sale just in time for the holiday season. Shop gifts that are sure to delight everyone on your shopping list at incredible savings.”
Management takes this opportunity to thank the millions of Canadians who have shopped at Le Château over the past 60 years and invites them to enjoy the incredible savings and styles available in this closing sale. During the liquidation process, its 900 dedicated employees will continue to provide all customers with the same great experience, while offering even better values on their favorite products.
Throughout this liquidation process, the Company will remain fully operational, and physical stores are expected to remain open in conformity with provincial and regional guidelines. Customer can shop the sale 24/7 at lechateau.com.
About Le Château
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.
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 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.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
About Hilco Global – Merchant Retail Solutions, ULC
Merchant Retail Solutions, ULC is a Canadian division of Hilco Global (www.hilcoglobal.com) which provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer’s strategic initiatives. The firm’s activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Hilco Global, is one of the world’s leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions. Hilco Global operates twenty specialized business units around the world.