Another prominent Canadian retail brand could be on the verge of a shake-up
Et tu, Roots?
Roots, the iconic Canadian clothing brand known for its Canadiana comfort apparel, could reportedly change ownership following a strategic review.
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According to a press release published today, the Roots Corporation “has initiated a review of strategic alternatives to identify opportunities to maximize value for all shareholders. During the strategic review, the board will analyze and evaluate a range of alternatives, including, but not limited to, a sale of the company.”
JP Morgan will be the financial adviser, and Torys LLP has been engaged as Roots’ legal adviser during the strategic review. It’s not certain whether a sale will be the outcome, but it is a possibility.
As the Canadian Press notes, Roots’ majority shareholder since 2015 has been the international private equity firm Searchlight Capital Partners, but the 53-year-old company’s headquarters is in Toronto.
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Carly Lewis is a journalist whose work has appeared in the New York Times and the New York Times Magazine, Vanity Fair, Wired, Interview Magazine, Pitchfork, Elle, and Maclean’s, where she is a contributing editor. Her work has been recognized by the National Magazine Awards and the Digital Publishing Awards. She reports on city life, culture—including what people do online—politics, art and crime. She received the Dave Greber Freelance Writers Award for “The Murder of Ashley Wadsworth,” an investigative feature about a Canadian teenager who was killed by a man she met on social media, published by Maclean’s.
