The Globe and Mail reports in its Saturday edition that on Thursday Indigo Books & Music posted a 70-per-cent decline in third quarter profit. The Globe's Susan Krashinsky Robertson writes that Indigo posted net earnings of nearly $10-million or 36 cents a share in the 13 weeks ended Dec. 30, 2023. That compared with $34.3-million or $1.23 in the same year-ago period. Sales fell both in Indigo's book business and in its general merchandise, where the stores were "missing key top-selling holiday products," said chief executive officer Heather Reisman. Indigo reported the results one week after it said it had received a proposal from its largest shareholder, Onex founder Gerald Schwartz, to take the company private. In the first half of this fiscal year, Indigo reported a $50.9-million loss. The company recently laid off employees at its head office as it pursues a turnaround plan. The layoffs are now complete and will result in approximately $10-million in annualized cost savings. The company took a hit to its profitability in the quarter as it sold off what Ms. Reisman called "unnecessary inventory" at a discount. Indigo's third quarter revenue declined by 12 per cent compared with the prior year, to $370.6-million.