Le Château Reports First Quarter Results

Strategic plan reducing and optimizing brick/mortar network of stores substantially complete as investment in e-commerce continues to growQ1 results negatively impacted by temporary closure of retail stores due to COVID-19As of August 2020, nearly all stores re-opened and agreements reached with landlords regarding COVID-19 rent obligationsMONTRÉAL, Aug. 07, 2020 (GLOBE NEWSWIRE) — Le Château Inc. (TSX VENTURE: CTU), a leading Canadian specialty retailer and manufacturer, today reported its financial results for the first quarter ended April 25, 2020, in the context of the COVID-19 pandemic.“With the growing importance of e-commerce, we implemented a shift in strategy over five years ago by investing in our e-commerce platform, while significantly reducing our store network over that same period of time by almost 50% from 243 stores to 126 well-located, top-performing stores. We believe we now have the right balance between our digital and physical presence, which positions us well in a post COVID-19 world.”“While our industry has been hit particularly hard by the unprecedented social and economic impacts of the COVID-19 pandemic, we acted swiftly to preserve our financial position, and to safeguard the health and safety of our clients and employees, in addition to providing support to our community.”‘’With most of our stores now open across Canada, we look forward to continuing to serve our customers safely, supported by our e-commerce business. We are also pleased to have reached agreements with the majority of our landlords concerning our COVID-19 rental obligations. We remain fully committed to our long-term strategy as a proudly Canadian, Quebec-based specialty retailer, in order to create long-term value for our shareholders.” − Le Château Executive Team.Financial and operating results
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