An Update Regarding Le Château Stores

MONTREAL, March 18, 2020 (GLOBE NEWSWIRE) -- Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today announced an update for their customers and community in regards to the COVID-19 crisis.

The health and safety of our community – employees and customers alike – remain our top priority.

As a result, we will be temporarily closing our stores starting today, Wednesday, March 18^th, through Sunday, March 29^th. We will continue to monitor the situation closely during this period, and we will be taking into account the latest guidance of health and government officials to confirm the right time to return to business. As it is a very dynamic and complicated situation, these plans may change quickly. If so, we will inform you in a timely manner.

During this time, we remain committed to serving our customers. While we will miss seeing you in our stores, we are here to serve you online any time at www.lechateau.com.

Although this remains a challenging situation for us all, we look forward to a speedy return to more joyful times. Until then, let’s continue to look out for each other.

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 128 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 Statements

This news release includes and refers to forward-looking statements relating to the Company and/or the environment in which it operates. These forward-looking statements address various matters including the fact that the Company’s stores will be temporarily closed until a certain date and are based on, among other things, the Company’s current expectations as well as the latest guidance of health and government officials. 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. These risks include that the outbreak of the COVID‐19 coronavirus or any other similar illness could cause shortages of employees to staff the Company’s stores, interrupt supplies from third parties upon which the Company relies, result in governmental regulation adversely impacting the Company’s business and otherwise have a material adverse effect on the Company’s business, financial condition and results of operations. Such adverse effect could be rapid and unexpected. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company, including the annual MD&A of the Company dated May 27, 2019 and note 2 of the unaudited interim condensed consolidated financial statements of the Company dated October 26, 2019. 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.

Factors which could cause actual results or events to differ materially from current expectations include, among other things: the magnitude and length of economic disruption as a result of the worldwide COVID-19 outbreak; liquidity risks; the ability of the Company to continue as a going concern; the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; changes in consumer spending; general economic conditions and normal business uncertainty; seasonality and weather patterns; changes in the Company’s relationship with its suppliers; fluctuations in foreign currency exchange rates; and interest rate fluctuations and changes in laws, rules and regulations applicable to the Company. The foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results.

For further information

Emilia Di Raddo, CPA, CA, President [phone]
Johnny Del Ciancio, CPA, CA, Vice-President, Finance, [phone]
MaisonBrison:  Pierre Boucher, [phone]
Source:  Le Château Inc.