Indigo burned through $160 million in cash during the COVID-19 pandemic, CEO Heather Reisman said during a live taping of the Big Shot podcast, hosted by Shopify president Harley Finkelstein and David’s Tea co-founder David Segal at Montreal’s annual Startupfest. Though Reisman said Indigo was holding its own with Amazon post-COVID, she noted it was a mistake to turn down Finkelstein’s offer to build out the company’s online presence. “I had stepped back from the business, and didn’t want to cross over,” Reisman said. (The Logic)
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Indigo burned through $160 million in cash during the COVID-19 pandemic, CEO Heather Reisman said during a live taping of the Big Shot podcast, hosted by Shopify president Harley Finkelstein and David’s Tea co-founder David Segal at Montreal’s annual Startupfest. Though Reisman said Indigo was holding its own with Amazon post-COVID, she noted it was a mistake to turn down Finkelstein’s offer to build out the company’s online presence. “I had stepped back from the business, and didn’t want to cross over,” Reisman said. (The Logic)
Talking point: Reisman stepped down as CEO in August 2023 amid a broad leadership shakeup, only to return a month later. The company was the target of a ransomware attack in February 2023 that disrupted its retail operations, took its website offline and exposed some employees’ data. In May, the company went private after shareholders accepted an offer from Trilogy Retail Holdings and Trilogy Investments, owned by Gerald Schwartz, Reisman’s husband.
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