REITMANS TO BUY 30 PENNINGTON’S WEARHOUSE UNITS
NEW YORK — Reitmans (Canada) Ltd., the 600-unit women’s specialty chain in Canada, said Friday it reached an agreement to purchase all 30 Pennington’s Wearhouse stores, which sell large sizes for women.
The terms of the deal were not disclosed.
Pennington’s Wearhouse, based in Toronto, is the megastore operation of the 56-year-old Pennington’s Stores Ltd., which filed a liquidating petition with the bankruptcy court here last month.
Henry Fiederer, vice president of Montreal-based Reitmans, which operates stores under the Smart Set and Reitmans names, said the chain plans to increase the Pennington’s Wearhouse concept into the biggest large-size apparel chain in the country.
The deal, for substantially all the assets, including certain inventory and the trade name, requires the approval of creditors and the court.