03:32 PM EDT, 06/11/2025 (MT Newswires) -- A group of Reitmans Ltd. shareholders have released their second letter in two months urging the apparel retailer to address its stagnating value, saying they want to replace two board directors and end the company's dual-class share structure, The Canadian Press is reporting.

The open letter published Wednesday is from Donville Kent Asset Management Inc., Parma Investments Ltd. and an unnamed private investor. They collectively own more than 5.5 million class A shares in Reitmans and another 1.1 million common shares in the company.

In the letter, they reiterated their claim from a May 13 letter that the Reitmans board has demonstrated "consistently poor decision making" around governance issues and ignored their requests to explore how the company could unlock more value for shareholders.

As of May 12, Wednesday's report noted, the company's market capitalization was $105 million -- lower than its net cash holdings of $158 million, and well below its net worth on paper of $280 million, the concerned shareholders say. This means the business was valued at less than the cash it held.

To boost the way the market perceives the retailer, the shareholders want the company to drop its dual-class share structure and move from the TSX Venture Exchange, "a junior market typically suited for emerging companies," to the main Toronto Stock Exchange.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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