March 12, 2020 – 4:00 PM
After nearly three quarters of a century of activity, the wholesaler of books and magazines Monahan Agency is closing its doors for good.
The family business Vernon, which started in 1947 and had already achieved $ 30 million in annual retail sales, announced it would close its store on May 1.
“It’s the end of an era and it’s a sign of the times that this local business is unfortunately closing down after 73 years,” the Monahan agency said in a press release.
The news comes just over a week after the company announced the closure of its iconic Vernon bookstore, Bookland, after five decades in business.
The bookstore is due to close on March 31 and is currently holding a closing sale offering customers a 20% discount. The discount will increase on March 14 when books and magazines receive a 40% discount.
Monahan Agency was founded in 1947 by Tom Monahan Sr. who opened the business in a 400 square foot garage behind his rented house near the old Civic Arena.
Monahan Sr. grew the business from the old garage and a few dozen customers to a 25,000 square foot warehouse employing over 60 people and serving 500 customers.
“With the digital age and the advent of the Internet, the magazine and book industry has faced many daunting challenges across North America. Amazon, and finally, publishers were printing less and less magazine titles, ”the press release said. “Monahan Agency has adapted and survived longer than most … the unfortunate facts of these changing times have made the closure of Monahan Agency inevitable.”
The agency was one of 30 wholesale distributors across Canada and with its closure there are only two wholesalers left in Canada.
The press release indicates that TNG, a division of the Jim Pattison Group, has purchased the assets of the company and is moving the operation to Calgary. The purchase price was not disclosed.
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News from © iINFOnews, 2020