Chapters Inc. ? Indigo Books & Music Inc. merger
The idea of a superstore book retailer was that of Larry Stevenson, the former CEO of Chapters Inc. This legacy of creating the ultimate booklovers haven began when Stevenson acquired Coles and Smithbooks. These smaller retailers helped to formulate the idea of Chapters, which was launched in 1996. Later that year Heather Reisman the co-owner of Trilogy Retail Enterprises established her own branch of superstore book retailing called Borders Canada, this created a bitter rivalry. This rivalry stems back to the day when Reisman launched Borders Canada, which was an American and Canadian book retailing venture. Stevenson, sensing competition lobbied the idea, and Industry Canada disallowed the creation of this company. Reisman evidently did not give up, and later that year founded Indigo Inc., she hired away seven on the top executives from Chapters Inc., which infuriated Stevenson. Over the years, the inability to control inventory and the failure of Chapters Inc.?s e-commerce endeavor caused an $84.5 million annual loss by Chapters Inc., Indigo Inc.?s losses were also great totaling $31.7 million. Many saw the merger of the two industry conglomerates as the only means of salvaging their operations.
When Indigo Inc.,
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