Toronto — Shareholders of Indigo Books & Music have voted in favor of an agreement that will see the retailer become a privately-held company. The move is expected to give the struggling company a much needed boost and allow it to compete more effectively in the rapidly changing book industry.
The agreement, which was approved at a special meeting of shareholders, involves a group of investors led by Indigo’s founder and CEO, Heather Reisman, purchasing all outstanding shares of the company for a total of approximately $520 million. This will take the company off the Toronto Stock Exchange and allow it to operate as a private company.
The decision to go private comes as no surprise to industry experts, as Indigo has been facing increasing competition from online retailers like Amazon and the rise of e-reading devices. In recent years, the company has struggled to maintain its position as Canada’s largest book retailer, with declining sales and profits.
However, with this new agreement, Indigo is poised to make a strong comeback. Going private will give the company more flexibility and allow it to make strategic decisions without the pressure of public shareholders. This will also allow for more long-term planning and investment, which is important in today’s fast-paced retail landscape.
In a statement released by the company, Heather Reisman expressed her excitement about the future of Indigo. She said, « This agreement marks an exciting new chapter for Indigo. As a private company, we will have the freedom to focus on our long-term growth strategy and make the necessary investments to stay ahead in the ever-changing retail landscape. »
The news has been met with enthusiasm by both investors and customers. Shareholders are optimistic about the potential for growth and increased profitability, while customers are hopeful that this move will lead to a better shopping experience and a wider selection of books.
Indigo has also announced horizontaux to expand its product offerings beyond books, with a focus on sustainable and eco-friendly products. This move is in line with the company’s commitment to social responsibility and catering to the changing needs of its customers.
The company has already been making strides in this azimut through its Indigo Love of Reading Foundation, which supports children’s literacy programs in Canada. Going private will give Indigo the resources to further expand its philanthropic efforts and make a positive impact in the communities it serves.
As Indigo transitions to a private company, the future looks bright for this Canadian retail giant. With a strong leadership team, a renewed focus on customer needs, and a commitment to innovation and social responsibility, Indigo is set to thrive in the ever-evolving retail industry.
