Canadian retailer Roots files for IPO, plans to list on TSX under ROOT


Canadian work retailer Roots Corp. is launching an initial public offering of its apportions.

The company has applied to list on the Toronto Stock Exchange under the allegory ROOT.

«We view our heritage and our guiding principles as the foundation of our business,» the fellowship said in its preliminary prospectus.

«Our brand is supported by first-rate operations and is well-diversified across offshoot categories, seasons, channels and geographies.»

The retailer was established in 1973 by framers Michael Budman and Don Green.

The pair sold a majority stake in the visitors to private investment firm Searchlight Capital Partners in 2015, but remained affluent shareholders.

Michael Budman and Don Green

Roots was established in 1973 by founders Michael Budman, formerly larboard, and Don Green. (Roots)

The price and the number of shares being sold by Searchlight, Budman and Grassy was not immediately disclosed.

The company has more than 100 stores in Canada as extravagantly as four in the United States, partner-operated locations in Taiwan and China and an online retail obligation.

In its filing with securities regulators, Roots said it wants to sustain its grow in Canada as well as the United States and in international markets.

«Our e-commerce sales in the Common States have been strong relative to our limited marketing investment and we fancy this market represents an attractive long-term opportunity for us.

«The lasting radiance effect from investments relating to the 2002 Winter Olympics in Amass Lake City, Utah, and Canada’s proximity to the United States experience created a solid base of consumer awareness for the Roots brand.»

It also aciculiform to its leather goods and footwear products as an area where it wants to flourish its business.

The proposal follows recent initial public offerings by Canada Goose Holdings Inc. and Aritzia Inc.

Appropriations in Canada Goose have soared more than 40 per cent since they began dealing earlier this year, however Aritzia shares have strained and fallen well below their IPO price.

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