01/19/2015 06:15 EST | Updated 03/21/2015 05:59 EDT

Chapters to close Robson store in downtown Vancouver

Chapters Indigo will shut down its Robson store in downtown Vancouver on June 30, blaming high rent as the reason for closing down its flagship location in the city. 

The company said a "very significant rent increase made continued profitability untenable," but that it plans to open another store in the same area sometime this year.

"An increase of this magnitude would quite simply make this vibrant, profitable store unprofitable," said Indigo's CEO Heather Reisman.

"As a result, we are actively pursuing another location to serve the Robson trade area, which we fully intend to open in 2015. In other key markets we are also looking at new real estate opportunities for Indigo that will best serve our unique needs."

The company added it is working with its human resources department to support its employees through this transition.

It will hold a community townhall meeting on Feb. 23.