Le Château Provides Update on Filing of Q1 Financial Statements Due to COVID-19
July 17 2020 - 7:30AM
Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today provided
an update on the status of the filing of its interim financial
statements and management’s discussion and analysis, and related
CEO and CFO certificates, for its first quarter ended April 25,
2020 (the “Q1 Documents”).
On May 20, 2020, the Canadian securities
administrators (“CSA”) announced that they would provide issuers
with a 45-day filing extension for filings due or required to be
made during the period from June 2, 2020 to August 31, 2020 to
allow issuers the time needed to focus on the many other business
and financial reporting implications of the COVID-19 pandemic.
As previously announced on June 19, 2020, the
Company is relying on the 45‑day blanket extension granted by the
CSA for the filing of the Q1 Documents. The Company is continuing
to work diligently and expeditiously to file the Q1 Documents and
currently expects to have them filed on or prior to the extended
filing deadline of August 7, 2020. The Company confirms that until
the Q1 Documents are filed, its management and other insiders are
subject to an insider trading black-out policy that reflects the
principles in section 9 of Canadian National Policy 11-207 -
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
The Company confirms that since June 19, 2020
(the date of the Company’s news release announcing the delay in
filing of the Q1 Documents), there have been no material business
developments other than those that have been publicly disclosed as
required under applicable securities laws (including the filing of
the Company’s annual audited consolidated financial statements for
the year ended January 25, 2020 on July 6, 2020) and except for the
potential impact of the COVID-19 pandemic.
While it is still too early to assess the impact
of the current pandemic, the Company is actively monitoring the
business environment in each of the markets in which it operates.
As of the date hereof, the Company has re-opened all of its 124
stores in accordance with provincial and regional governmental
guidelines.
ProfileLe
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 124 prime locations across Canada and an e-com platform
servicing Canada and the U.S. Le Château, committed to research,
design and product development, manufactures approximately 30% of
the Company’s apparel in its own Canadian production
facilities.
Forward-Looking
StatementsThis news release includes
forward-looking statements relating to the Company and/or the
environment in which it operates, including, without limitation,
statements relating to the delay of the filing of the Q1 Documents
and the expected timing of filing in the future. These
forward-looking statements are based on, among other things, the
Company’s current expectations, estimates and forecasts. 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 include the ability of the Company
to file the Q1 Documents; the ability of the Company to continue as
a going concern; public health crises & economic downturn
(including the magnitude and length of economic disruption
resulting from the worldwide COVID‑19 outbreak and the ability of
the Company to operate physical stores in conformity with
provincial and regional governmental guidelines); liquidity risks;
general economic conditions and normal business uncertainty; the
ability of the Company to successfully implement its business
initiatives and whether such business initiatives will yield the
expected benefits; competitive conditions in the businesses in
which the Company participates; changes in consumer spending;
seasonality; changes in the Company’s relationship with its
suppliers; inventory management; extreme changes in weather; lease
renewals and obligations; information technology security and loss
of customer data; fluctuations in foreign currency exchange rates;
interest rate fluctuations and changes in laws, rules and
regulations applicable to the Company; and the risk factors set
forth in other public filings of the Company, including the annual
management's discussion and analysis of the Company dated
July 6, 2020 and note 2 of the Company’s annual audited
consolidated financial statements for the year ended
January 25, 2020. The foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. 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.
For further
information
Emilia Di Raddo, CPA, CA, President (514)
738-7000Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514)
738-7000MaisonBrison: Pierre Boucher, (514)
731-0000Source: Le Château Inc.
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