Category: Canada

Reitmans shareholder group calls on others to join fight to boost retailer’s value

A group of Reitmans Ltd. shareholders have released their second letter in two months urging the apparel retailer to address its stagnating value, saying they want to replace two board directors and end the company’s dual-class share structure.

The open letter published Wednesday is from Donville Kent Asset Management Inc., Parma Investments Ltd. and an unnamed private investor. They collectively own more than 5.5 million class A shares in Reitmans and another 1.1 million common shares in the company.

In the letter, they reiterated their claim from a May 13 letter that Reitmans has demonstrated “consistently poor decision making” and ignored their requests to explore how the company could unlock more value for shareholders. 


A Reitmans clothing store is seen, Tuesday May 19, 2020 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
A Reitmans clothing store is seen, Tuesday May 19, 2020 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

As of May 12, the company’s market capitalization was $105 million — lower than its net cash holdings of $158 million, and well below its net worth on paper of $280 million, the concerned shareholders say. This means the business was valued at less than the cash it held. 

To boost the way the market perceives the retailer, the shareholders want the company to drop its dual-class share structure and move from the TSX Venture Exchange, “a junior market typically suited for emerging companies,” to the main Toronto Stock Exchange.

In response to the May letter, Reitmans said it has been in communication with Donville Kent and Parma for many quarters and “regularly evaluates options to optimize shareholder returns.”

But the shareholders maintain boosting the company’s value has fallen by the wayside because of executive chairman Stephen Reitman and his alleged “complete dominance overboard members.”

Reitman is the grandson of the company’s founders, Herman and Sarah Reitman. His family owns, on an aggregate basis, the equivalent of 21.67 per cent of the company’s shares, including a majority of the voting common shares.

Stephen Reitman has worked at the retailer for about 50 years and is well into his seventies.

He held the CEO job when the almost 100-year-old business filed for creditor protection in May 2020, citing the COVID-19 pandemic as one of the reasons for its recent woes.

The Montreal-based company rebounded after a restructuring but in order to survive it had to close 160 stores, cut 1,400 employees and dump its Addition Elle and Thyme Maternity brands. Its RW & Co. and Penningtons banners remain.

The shareholders behind the Wednesday letter argue it’s now time for the company to collapse its dual-class share structure and graduate to the Toronto Stock Exchange.

They say a TSX listing would elevate Reitmans’ profile among investors, including large institutions, result in a more accurate valuation of shares and provide it with more room to grow.

They also want a board shake up and say they are intending to vote against the reappointment of Bruce Guerriero and Daniel Rabinowicz “due to independence issues and a clear misalignment with the interests of all shareholders.”

Instead, they’d like to see Jesse Gamble, senior vice-president at Donville Kent Asset Management, and Deborah Honig, president at Adelaide Capital, join the board as independent directors.

In response, Reitmans says its ownership structure has been in place for many years and independent board members have long provided deep expertise to the business.

“We would like to stress in the strongest possible terms our confidence in the performance and objectivity of each of our independent directors and that any allegations that have recently been made impugning the independence of certain of our independent directors are false and wholly without merit,” the company said in a statement. 

“There should be no doubt whatsoever as to this fact, and (we) categorically reject any assertion to the contrary.”

Since their first open letter was sent on May 13, the concerned shareholders say they have racked up support from organizations and people holding nearly 41 per cent of the shares not held by the Reitman family.

This report by The Canadian Press was first published June 11, 2025.

NFI Subsidiary Alexander Dennis announces consultation on UK manufacturing strategy


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Pinya XP and True Cut Announce Strategic Partnership to Transform Cannabis Genetic Authentication


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Nexmetals Commences Trading Under New Symbol NEXM

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – June 11, 2025) – NexMetals Mining Corp. (TSXV: NEXM) (OTC Pink: PRMLF) (” NEXM ” or the ” Company “) is pleased to announce that pursuant to its news release dated June 9, 2025, the Company’s common shares will commence trading at the market open today on the TSX Venture Exchange under the new symbol ” NEXM “.

NEXM Engages OGIB Corporate Bulletin

The Company has entered into a services agreement with OGIB Corporate Bulletin (” OGIB “) to provide strategic digital marketing services to the Company including content development and distribution, as well as campaign reporting and optimization, for a term of up to nine months. The Company has agreed to pay OGIB a total cost of CAN $40,000 in advance for these services which will be paid out of the Company’s working capital.

OGIB is wholly-owned by Keith Schaefer and is based out of Victoria, British Columbia. Both Mr. Schaefer and OGIB are arms length to the Company and, to the Company’s knowledge, hold no interest, directly or indirectly, in the securities of the Company or any right or present intention to acquire such an interest. The appointment of OGIB is subject to approval by the TSX Venture Exchange.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director

Jaclyn Ruptash
V.P., Communications and Investor Relations

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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SOURCE: NexMetals Mining Corp.

MENAFN11062025004218003983ID1109659963

The North West Company Inc. Announces First Quarter Earnings and a Quarterly Dividend

WINNIPEG, Manitoba, June 10, 2025 (GLOBE NEWSWIRE) — (TSX: NWC): The North West Company Inc. (the “Company” or “North West”) today reported its unaudited financial results for the first quarter ended April 30, 2025. It also announced that the Board of Directors has declared a quarterly dividend of $0.40 to shareholders of record on June 27, 2025, to be paid on July 15, 2025.

“Our strong first quarter performance reflects the continued momentum across our business,” said Dan McConnell, President & CEO. “Same-store sales growth and improved execution focused on meeting customer needs drove increased earnings and built on the solid foundation we established in the first quarter of last year. We’re especially encouraged by the progress we’ve made in improving on-shelf availability and refining our merchandise assortment. While it’s still early, we’re confident that our focus on operational excellence through the Next 100 initiative is the right strategy — one that will deliver meaningful value to both our customers and our shareholders. Finally, I want to acknowledge the communities affected by the wildfires in northern Canada. Our thoughts are with those impacted, and we extend our heartfelt thanks to the firefighters, community leaders, and everyone working tirelessly to protect residents and ensure their safety.”

ARTICLE CONTINUES BELOW

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S&P/TSX composite edges lower in late-morning trading, U.S. stocks mixed (Business)

Canada’s main stock index edged lower in late-morning trading, weighed down by losses in the base metal and technology sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was down 10.32 points at 26,365.48.

In New York, the Dow Jones industrial average was down 11.02 points at 42,750.74. The S&P 500 index was up 1.56 points at 6,007.44, while the Nasdaq composite was down 8.57 points at 19,582.67.

The Canadian dollar traded for 73.11 cents US compared with 73.08 cents US on Monday.

The July crude oil contract was up 84 cents US at US$66.13 per barrel and the July natural gas contract was down eight cents US at US$3.55 per mmBTU.

The August gold contract was down US$8.20 at US$3,346.70 an ounce and the July copper contract was down two cents US at US$4.91 a pound.

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New AI Stack Starter™ to Help Orgs Initiate AI-driven Transformations


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Orezone Intercepts Further High-Grade Mineralization at Bomboré Including 11.33 g/t Gold Over 11.00m and 10.28 g/t Gold Over 5.00m


Orezone Intercepts Further High-Grade Mineralization at Bomboré Including 11.33 g/t Gold Over 11.00m and 10.28 g/t Gold Over 5.00m – Toronto Stock Exchange News Today – EIN Presswire


















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