Southam Inc. sells Coles to SmithBooks.TORONTO--(BUSINESS WIRE)--April 11, 1995--Southam Inc. has completed the sale of Coles Book Stores Limited to FICG Inc., owner of SmithBooks. Coles is Canada's premier chain of book retailers with 259 stores operating as Coles the Book People!, Active Minds, The Book Company, and The World's Biggest Bookstore The World's Biggest Bookstore is a bookstore owned by Indigo Books and Music in Toronto, Ontario, Canada. Located at 20 Edward St, just north of the Toronto Eaton Centre, it was unquestionably the biggest bookstore in the world when it first opened in 1980 in a converted bowling . Consideration received was $35 million in cash, a $17.5 million 8.5% secured note due 1999, and a continuing ownership stake of 12 1/2 % in the combined entities. The sale follows a decision by the Director of the federal Competition Bureau in March 1995 to permit the transaction to proceed. Southam's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bill Ardell reflecting on the exit from a business owned since 1978, said "it was a necessary step since our strategy is to focus on publishing, news and information". The proceeds are approximately equal to Southam's investment in Coles. "Coles and Smithbooks together, are poised for additional competition in the book retailing business, and likely as a public company in the future. I will continue as a Director" added Mr. Ardell. Southam Inc. is a leading Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. information company with interests in daily and community newspapers, business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. information, trade end consumer shows. CONTACT: Southam Inc., Toronto Brian Gibbings, Vice President & Treasurer 416/442-2920 INDUSTRY KEYWORD: PUBLISHING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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