The staff who remained took a salary cut, the company said in its court filing.’It’s all a mess’: Pandemic driving businesses to bankruptcy brink, and complicating restructuring effortsReitmans warns it may not be able to continue unless it can find new financingJeremy Reitman, champion of Canada’s fashion industry, leaves behind a ‘strong ship’realized that it the most difficult day possibly of my business career and the hardest decision we had to make as an organization for certain, in almost 100 years, Reitman said.Reitmans relies on in store purchases for roughly 80 per cent of its revenue. Uncertain if shopping habits will ever return to normal, the company earlier this month warned it would be to continue as a going concern without new financing.believe that (CCAA) is really the only course of action, Reitman said.In its application for creditor protection, Reitmans said its liabilities included $109 million in trade and other payables, $14 million in outstanding gift cards, $1 million related to its loyalty program and $24 million in pension obligations.That roughly $150 million in liabilities was well below Reitmans $361 million in assets.But chief financial officer Richard Wait said those liability numbers were from the fiscal 2020 yearend report, which covers up to Feb. 1, so it doesn include unpaid rent from April and May.coming up on June rent, Walt said.

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