The ALDO Group successfully completes its restructuring

MONTREAL, July 14, 2022 (GLOBE NEWSWIRE) -- The ALDO Group Inc. ("ALDO Group" or the "Company") announced today that it has exited from its restructuring process initiated in May 2020 when the Company filed for protection under the Companies' Creditors Arrangement Act (the "CCAA") in the context of the COVID-19 pandemic.

The news marks the beginning of a new chapter for the global footwear and fashion accessories giant, which operates in more than 100 countries and celebrates its 50th year in business this year.

"It is with great relief that we put this process behind us, and with excitement that we now look ahead. The work and restructuring we've done over the past two years have built us a solid foundation on which to grow, and we're confident in what the future will bring. I want to take this opportunity to thank our associates, customers and partners for their support and trust during these unprecedented times." ? David Bensadoun, Chief Executive Officer, ALDO Group.

As a result of the legal sanction of their plans of arrangement in Canada, the United States and Switzerland, the ALDO Group can now pay their creditors pursuant to the terms of such plans. As of late June 2022, all ALDO Group International (AGI) creditors have been paid, and payments to North American creditors will be issued within the next few months.

ALDO GROUP 2.0: GROWING STRONGER

While maintaining its activities during its restructuring, the Company initiated a major transformation to solidify its financial model, to optimize its operations by prioritizing profitability, and to rally its teams and partners around a common updated vision. The ALDO Group 2.0 is leaner, more agile, and flexible. From this extensive legal and administrative process, the company emerges stronger and ready to pursue growth.

"These past two years have been marked by a close collaboration with the ALDO Group, which has shown great transparency and leadership throughout. I wish to congratulate the company on emerging successfully from this process, as well as its teams for their diligent work." ? Martin Rosenthal, court-appointed monitor, EY.

About the ALDO Group

Specializing in stylish and accessible footwear and accessories, the ALDO Group has been around for 50 years. We operate under two signature brands, ALDO and Call It Spring, and a multi-brand retail concept, GLOBO and we are also an industry-recognized wholesale distributor and third-party sourcing provider of fashion footwear, handbags and accessories. With stores in more than 100 countries, we are on a journey to create a world of love, confidence, and belonging. In addition to its head office in Montreal, the ALDO Group has international offices in Europe and in Asia. For more information, visit aldogroup.com.

 Media contact: [email protected]