BUSINESS

Roots Stock Price Takes A Dive In 1st Day Of Trading

These are not great times to be a brick-and-mortar retailer.

10/25/2017 14:13 EDT | Updated 10/25/2017 14:21 EDT
The Canadian Press/Rachel Verbin
A Roots clothing store at Toronto's Eaton Centre, Oct. 29, 2015. Shares in Roots fell more than 10 per cent as they began trading on the Toronto Stock Exchange Wednesday.

TORONTO — Shares of retailer Roots Corp. fell more than 10 per cent as they began trading on the Toronto Stock Exchange today.

The shares were priced at $12 per share in their initial public offering, however they could be had for less than that in late-morning trading.

The shares were down $1.89 or about 16 per cent at $10.11 on the Toronto Stock Exchange.

Watch: Roots, by the numbers

The initial public offering comes amid a challenging environment for retailers in Canada.

The debut of Roots as a publicly traded company follows recent initial public offerings by other Canadian fashion companies, including Aritzia Inc. and Canada Goose Holdings Inc.

Shares in Canada Goose have soared since they began trading earlier this year, however Aritzia shares have struggled and fallen well below their initial price.

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