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Loblaws Is Closing 52 Stores Across Canada

Getting rid of its 'unprofitable' locations.

Loblaws announced today that it will be closing 52 stores across Canada that it has deemed unprofitable and are "consistently underperforming." According to the report released by the company, this will affect all of Loblaws' holdings including gas bars, Joe Fresh standalone stores and select pharmacies and grocery stores. Loblaws Companies Ltd. own over 2,000 stores across Canada including Loblaws, Provigo, and Shoppers Drug Mart.

While the closures will cost them about $300 million per year in revenue, it will actually result in a $35-40 million profit due to fewer operating costs. The closures are going to take place across Canada over the next 12 months.

We're sad to see these stores go, but to remain competitive I guess they're going to have to do what makes the most economic sense. Specific store locations that are destined for closure have no yet been released, so you'll just have to stay tuned to find out if your local store is going to be one of the ones taking the hit.

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