Cinar Europe finally closes its doors

After two painful years of uncertainty, the once-key division of Canada's beleaguered toon house, Cinar Europe, has finally been laid to rest.

The doors of Cinar's sales and distribution hub are now firmly shut, as David Ferguson, president of Cinar Europe, leaves the company and all sales and distribution activity moves to Cinar's HQ in Montreal.

The new head of distribution Louis Fournier, who was appointed last month, is recruiting a new sales force to work out of Montreal as part of an overall restructure of the troubled company, marred by financial scandals and alleged transgressions of Canada's funding system.

In the meantime, discussions about the sale of Cinar on a division-by-division basis rumble on; Cinar said it {will not make any announcement unless and until there are material developments{.

Pressure from shareholders to rethink the board and senior management at the company continues, although investors may have to wait until the next AGM in late April for a full revolt.