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Food, Business, News

Loblaw will close 22 unprofitable stores by the end of 2018

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Daily Hive Staff Nov 15, 2017 7:19 am 2,656

Loblaw has announced it will be closing 22 of its stores by the end of 2018.

The Canadian grocery and pharmacy chain made the announcement on Wednesday but did not mention the location of the stores that will be closing.

“The Company expects to record charges of approximately $135 million, the majority of which are expected in the fourth quarter of 2017, and to realize approximately $85 million in annualized savings,” said Loblaw in a statement.

In October, Loblaw announced it would be cutting 500 jobs across Canada. The cuts would affect the corporate offices and include employees from across divisions that support the Loblaws grocery chain, along with Shoppers Drug Mart, and other stores that include No Frills, Zehrs, and Joe Fresh.

In its third quarter, the company saw 3.3% growth in same-store sales at its Shoppers Drug Mart outlets.

Loblaw recently announced that it will be merging its loyalty program with Shoppers Drug Mart and will launch PC Optimum as of February 1, 2018.

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Daily Hive Staff
Launched on June 1, 2016, Daily Hive is the evolution of Vancity Buzz and is now in Vancouver, Calgary, Toronto, and Montreal.

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