/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
MONTREAL, Oct. 6, 2023
/CNW/ - LXRandCo, Inc. ("LXR" or the
"Company") (TSX: LXR), a digital-first omni-channel retailer
of authenticated pre-owned luxury handbags and accessories,
announced today that the Company and each of its Canadian operating
subsidiaries, LXR Luxury Products International Inc., Groupe Global
LXR Inc., and LXR Canada Inc. have each filed a Notice of
Intention to Make a Proposal pursuant to the Bankruptcy and
Insolvency Act (Canada), in order
to consider and effect, among other things, a sale of all or
substantially all of their assets, in consultation with their bank
lenders. KPMG Inc. has been appointed as proposal trustee on
behalf of the Company and each of its Canadian operating
subsidiaries.
The Company also announced that each of the directors of the
Company and its subsidiaries have resigned as directors.
About LXR
LXRandCo is a socially responsible, digital-first omni-channel
retailer of authenticated pre-owned luxury handbags and personal
accessories. Since 2010, we have been providing consumers with
authenticated branded luxury products by promoting their reuse and
providing an environmentally responsible way for consumers to
purchase luxury products. We achieve this through our digital-first
strategy by selling directly to consumers through our website at
www.lxrco.com and indirectly, by powering the e-commerce and other
platforms of key channel partners. Our omni-channel model is also
supported by retail 'shop-in-shop' experience centers and by
wholesale activities with select retail partners across
North America.
Caution Regarding Forward-Looking
Statements
Certain statements in this press release are prospective in
nature and constitute forward-looking information and/or
forward-looking statements within the meaning of applicable
securities laws (collectively, "forward-looking statements").
Forward-looking statements generally, but not always, can be
identified by the use of forward-looking terminology such as
"outlook", "objective", "may", "could", "would", "will", "expect",
"intend", "estimate", "forecasts", "project", "seek", "anticipate",
"believes", "should", "plans" or "continue", or similar expressions
suggesting future outcomes or events and the negative of any of
these terms. Forward-looking statements in this news release
include, but are not limited to, statements regarding a sale of all
or substantially all of the Company's and the subsidiaries' assets,
in consultation with their bank lenders. Forward-looking statements
reflect management's current beliefs, expectations and assumptions
and are based on information currently available to management,
which includes assumptions about management's historical
experience, perception of trends and current business conditions,
expected future developments and other factors which management
considers appropriate.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur.
By their nature, forward-looking statements involve known and
unknown risks and uncertainties and other factors that could cause
actual results to differ materially from those contemplated by such
statements. Factors that could cause such differences include, but
are not limited to, those factors described under the headings
"Risk Factors" and "Management's Discussion and Analysis of LXR –
Risk Factors" in LXR's annual information form (the "Annual
Information Form"), and as described from time to time in the
reports and disclosure documents filed by the Company with the
Canadian securities regulatory agencies and commissions. Such list
of risk factors is not exhaustive of the factors that may impact
the forward-looking statements. These and other factors should be
considered carefully, and readers should not place undue reliance
on any of the forward-looking statements in this press release.
All forward-looking statements included in and incorporated into
this press release are qualified by these cautionary statements.
Unless otherwise indicated, the forward-looking statements
contained herein are made as of the date of this press release, and
except as required by applicable law, the Company does not
undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE LXRandCo, Inc.