06:39:46 EDT Tue 14 May 2024
Enter Symbol
or Name
USA
CA



Indigo Books & Music Inc
Symbol IDG
Shares Issued 27,597,253
Close 2023-08-30 C$ 1.30
Market Cap C$ 35,876,429
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Globe/CP say Indigo CEO to "work a little bit harder"

2023-08-31 08:17 ET - In the News

The Globe and Mail reports in its Thursday, Aug. 31, edition that Indigo Books & Music is entering a new chapter, its first without Heather Reisman, who built the retailer into a dominant Canadian chain and mall stalwart with 171 stores and counting under the Indigo, Chapters, Coles and Indigospirit banners. A Canadian Press dispatch to The Globe reports that Ms. Reisman, who was chief executive officer until 2022 and is known for bestowing "Heather's Pick" stickers on her favourite books, retired from the board on Aug. 22. Her departure came on the heels of a debilitating cyberattack that downed Indigo's website for weeks, forcing it to eventually rebuild its e-commerce presence, and as four of its 10 directors left the board, with one attributing her resignation to a "loss of confidence in board leadership" and "mistreatment." While most customers stuck with the brand after the February attack, which was carried out via ransomware software known as LockBit, Indigo reported it lost $50-million in its last fiscal year and put some of the blame on the incident. Newly installed CEO Peter Ruis took it as a sign that, "We've got to work a little bit harder." Mr. Ruis's job now is to rebuild consumer confidence.

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