Loblaws to close 52 stores over the next year

Toronto, July 24 (CINEWS) Loblaw Companies Ltd. plans to close 52 unprofitable stores in Canada over the next year.
The company currently has 2,000 stores, and its locations include Loblaws, Provigo, Extra Foods. It also owns Shoppers Drug Mart.loblaw
The closures are expected to cost the company a total of approximately $120 million. Of this amount, a charge of $45 million was taken in the second quarter ended June 20, including $30 million for severance and lease termination costs.
The release shows the grocery retailer’s consolidated sales rose 2.2 per cent to $10.54 billion from the same quarter last year.
The firm said it made a second-quarter profit of $185 million, or 45 cents per share, compared with a loss of $456 million or $1.13 a share a year ago.
No word yet about the number of employees expected to lose their jobs and it is unlikely most of them would be absorbed at other stores.

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