Le Château Provides Update on Filing of Annual and Q1 Financial Statements Due to COVID-19

MONTREAL, June 19, 2020 (GLOBE NEWSWIRE) — Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today provided an update on the status of the filing of (i) its annual financial statements and management’s discussion and analysis, and related CEO and CFO certificates, for the fiscal year ended January 25, 2020 (the “Annual Documents”) and (ii) 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. Due to logistics and delays caused by the COVID-19 virus, the Company will avail itself of such extension and file by no later than August 7, 2020 the Q1 Documents. The filing of the Q1 Documents was originally due by June 24, 2020.

As previously announced on May 22, 2020, the Company is also relying on a 45‑day blanket extension granted by the CSA for the filing of the Annual Documents.

The Company is continuing to work diligently and expeditiously to file the Annual Documents and Q1 Documents and currently expects to have them filed on or prior to the extended filing deadlines of July 6, 2020 and August 7, 2020, respectively. The Company will provide an update via press release on the status of the filing of the Q1 Documents no later than on July 17, 2020. The Company confirms that until the Annual Documents and 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 (i) since the filing of its interim financial report for the nine months ended October 26, 2019, there have been no material business developments other than those that have been publicly disclosed as required under applicable securities laws and except for the potential impact of the COVID-19 pandemic, and (ii) there has been no material business developments since May 22, 2020 (the date of the Company’s news release announcing the delay in filing of the Annual Documents).

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 89 stores in accordance with provincial and regional governmental guidelines.

Profile
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 125 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.