AGM Renovations, a company endorsed by celebrity contractor Mike Holmes, is ceasing operations after facing reputational damage from CBC News coverage. CEO Ivan Atanasov cited the impact of CBC's reports on customers' complaints of shoddy work and hazardous electrical issues as the main factors leading to closure. The company is under investigation by Ontario’s Electrical Safety Authority, and subsequent reports highlighted illegal hiring practices. Following the negative exposure, AGM’s promotional content featuring Holmes was removed, further worsening the business’s outlook. Despite attempts to recover, Atanasov concluded there was no viable solution to continue operating.
"Due to actions taken by CBC, our company's reputation has been severely impacted, making it financially impossible for us to continue operations," wrote Ivan Atanasov, CEO of AGM Renovations.
Despite our relentless efforts to recover, the extent of the damage has left us with no viable path forward, AGM will be permanently closed." - Ivan Atanasov
CBC News reported two stories on AGM this month: the first...about celebrity-backed home projects and the second, an investigation focused on electrical problems.
The report revealed AGM is under investigation by Ontario's Electrical Safety Authority. Mike Holmes' endorsements disappeared from their website after CBC reached out.
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