-Closing Chapters Robson, Committed to opening a new Vancouver Store this year-
TORONTO, Jan. 19, 2015 /CNW/ - Indigo Books & Music Inc. (TSX: IDG), Canada's largest book, gift and specialty toy retailer today announced its commitment to optimize their retail operations with the June 30th, 2015 closure of its Chapters Robson location. Recently, a very significant rent increase made continued profitability untenable. Indigo plans to open another location in the same Vancouver trade area this year.
Indigo's Chief Executive Officer, Heather Reisman said, "As we gain great momentum with Indigo's transformation strategy we are continuing to review all elements of our operations. With a very significant rent increase recently at our Chapters Robson store the new terms are simply untenable for us to stay in that location. An increase of this magnitude would quite simply make this vibrant, profitable store unprofitable. As a result, we are actively pursuing another location to serve the Robson trade area which we fully intend to open in 2015. In other key markets we are also looking at new real estate opportunities for Indigo that will best serve our unique needs."
Indigo will continue to serve the community at the Chapters Granville location, to which Indigo will also temporarily transition the American Girl Specialty Boutique.
Indigo is working very effectively with Human Resources, the regional directors and the store leadership team to support their employees through this transition.
Statements contained in this news release that are not historical facts are forward-looking statements which involve risk and uncertainties that could cause results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are: general economic, market or business conditions in Canada; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond the control of the Company.
About Indigo Books & Music Inc.
Indigo is a publicly traded Canadian company listed on the Toronto Stock Exchange (IDG). As the largest book, gift and specialty toy retailer in Canada, Indigo operates in all provinces under different banners including Indigo Books & Music; Indigo Books, Gifts, Kids; Indigospirit; Chapters; and Coles. The online channel, indigo.ca, offers a one-stop online shop with a robust selection of books, toys, home décor, stationery, and gifts.
SOURCE Indigo Books & Music Inc.
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