CHAPTERS INC, Canada's largest book retailer has revealed heavy losses in the past fiscal year of CAN$84.5 million, compared to a profit of CAN$17.2 million last year. However, the gloomy figures disguises good news about overall sales, which rose to CAN$686.5 million from CAN$660.3 million from the previous year.

Chapters said the loss figure took account of one-time restructuring charges of CAN$69.4 million, which was mostly due to its flagging online service and cleaning up its wholesale distribution business.

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