Sun. Mar 3rd, 2024

The Indigo bookstore processes from & layoffs

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Indigo is cutting positions after recently announcing a second-quarter net loss of $22.4 million.

The Canadian Press

L&#x27 ;company Indigo Books & Music furloughed some of its staff this week as part of the retailer's ongoing efforts to streamline operations.

Indigo spokesperson Melissa Perri said in an email to The Canadian Press that the cuts are a result of the company's strategic plan to return to profitability.

Indigo has experienced several losing quarters and a wave of management and board changes over the past year.

< p class="StyledBodyHtmlParagraph-sc-48221190-4 hnvfyV">Most recently, the company reported a net loss of $22.4 million in the second quarter, during which time founder and CEO Heather Reisman retired and turned the business over to Peter Ruis. Mr. Ruis abruptly left the company in September, leading to the return of Ms. Reisman.

Last February, the company also grappled with a cyberattack that blocked Indigo's website and saw four of its ten directors leave its board, one of the members attributing his resignation to mistreatment.

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Although it is a difficult decision to part ways with valuable and talented employees, it& #x27;is the right decision for our company and everyone we serve, Ms. Perri said in an email confirming this week's layoffs.

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