TORONTO, Ontario
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January 15, 2024
(press release)
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Indigo Books & Music Inc. has laid off an unspecified number of staff as part of the retailer's ongoing efforts to streamline its operations. Indigo spokeswoman Melissa Perri says in an email to The Canadian Press that the cuts stem from the company's strategic plan meant to return the business to profitability. Indigo has seen several quarters of losses and a flurry of executive and board changes over the last year. Most recently, the company reported a net loss of $22.4 million in its second quarter, a period when founder and chief executive Heather Reisman retired and turned the business over to Peter Ruis. Ruis left the company abruptly in September, making way for Reisman to return. Last year, the company also grappled with a February cyberattack that took down Indigo's website and saw four of its 10 directors leave its board, with one attributing her resignation to mistreatment. "While it is a difficult decision to part ways with valued and talented employees, it is the right decision for our company and all those we serve," Perri said in an email confirming this week's layoffs. This report by The Canadian Press was first published Jan. 11, 2024. Companies in this story: (TSX:IDG) © 2024 The Canadian Press. All rights reserved.
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