Indigo to close Chapters store in Vancouver; blames rent hike

January 19, 2015 - 9:56 PM

VANCOUVER - Indigo Books & Music Inc. (TSX: IDG) says it will shut down its Robson Street Chapters location by the end of June because of a rent increase.

Canada's largest book retailer says a "very significant rent increase" made continued profitability untenable at the location.

CEO Heather Reisman said in a statement that "an increase of this magnitude would quite simply make this vibrant, profitable store unprofitable."

Indigo said it plans to open another location in the same area this year.

Reisman said the company continues to review all elements of its operations and looking at new real estate opportunities.

Indigo did not say if any employees will be laid off, but said it is working with Human Resources, regional directors and store management to support affected employees.

News from © The Canadian Press, 2015

More News ...

iN RESPONSE: Readers have their say
Following are emailed reader responses to stories or letters to the editor for the third week of April 2024. They have been edited slightly for readability. Got something you want to add? Send an email to editor Marshall Jones at mjo

Fruit packers near Kelowna fined another $78,000
A fruit packing plant in the Ellison area east of Kelowna was hit with another $78,368 in fines for discharging effluent into a failed septic field. That’s now more than $110,000 in fines since 2022 for the same issue at Sandher Fruit

Manitoba government plans to lift ban on homegrown recreational cannabis
WINNIPEG - The Manitoba government is planning to end its ban on homegrown recreational cannabis — a move that would leave Quebec as the only province with such a restriction. "We're just allowing Manitobans to have the same

Kamloops council to expand tax exemptions for new rental builds
Developers have more land to choose from if they want to cut costs on new rental buildings in Kamloops. The City is looking to expand a tax exemption program to span massive swaths of Kamloops in order to encourage development. Previously r

Popular penticton News

New Kamloops homeless drop-in centre, soup kitchen needed within weeks, not months
The City of Kamloops and local non-profit groups expect to replace the services of a drop-in support centre and soup kitchen before winter. That means more than 100 regular clients of The Lo
April 24, 2024 7:00 AM
Salmon Arm pharmacist pays fine for diverting drugs from hospital
A former Salmon Arm pharmacist has to pay a hefty fine for diverting drugs from the local hospital. Earlier this month, Laurent Roy, 59, pleaded guilty to 11 counts under the Pharmacy Operat
April 24, 2024 6:00 PM
Kamloops man accused of snatching two girls, taking them to Vancouver Island
A Kamloops man was arrested within a day after he was accused of abducting two young girls and taking them to Vancouver Island. The incident was reported to Kamloops RCMP on Monday, April 22
April 24, 2024 10:22 AM
'Heartbreaking': Kamloops residents reflect on demolition of decades-old hotel, nightclub
A building with a long and entertaining past has been demolished to make way for new housing developments on Kamloops North Shore, leaving some residents feeling nostalgic. The Northbridge H
April 21, 2024 6:00 PM
Two charged in alleged Kamloops assault and unlawful confinement
One of two people arrested in what police said was a "report involving weapons" has been released on bail. Kamloops RCMP was called to a Tk'emlups home on Kootenay Way last wee
April 23, 2024 7:00 PM

Trending Now

TRENDING NOW: Just a regular guy, and his bear

View Site in: Desktop | Mobile

Indigo to close Chapters store in Vancouver; blames rent hike

Trending Now

Kamloops

Kelowna

Penticton

Vernon