Thursday, July 23, 2015

Loblaws closing 52 stores.


 Loblaw Companies Ltd. says it will close 52 stores over the next 12 months. It did not say which ones or where.

"The list includes gas bars, Joe Fresh standalone stores and select pharmacies and grocery stores," a company spokesperson told CBC News.

Loblaw Companies has more than 2,300 stores, including Loblaws, Zehr’s, Provigo, and Extra Foods.

It also owns Shoppers Drug Mart.

The company will increase its staff despite the closures, the company spokesman said. Who's going to check a year from now?

The stores that will be closed have sales of about $300 million a year, but they lose money - $35 million to $40 million. 

The company has already set aside $45 million in the second quarter which ended June 20. Of that, $30 million is for staff severances and leases.