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" x$ @0 @/ o5 O2 A# _4 K! bGrocery store chain Sobeys Inc. will close about 50 underperforming stores across Canada following its $5.8-billion acquisition of Safeway.
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4 e' ]! ?) Z7 K; h8 n. H" H0 {The company made the announcement in an earnings release on Thursday from Empire Inc., parent company of Sobeys. 0 `* ]% n$ a4 ?, J8 x9 m0 m
Sobeys closing 50 stores across Canada
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"During the fourth quarter of fiscal 2014, Sobeys completed a detailed full review of its retail store network," the company said. "Based on this detailed review, Sobeys has determined that consistently underperforming stores, representing approximately 50 stores ... and 3.8 per cent of the total retail network gross square footage will close."% y; ^0 K6 V' }/ @
About 30 of the stores are in Western Canada, the company said, without divulging any more details about specific locations. But CIBC analyst Perry Caicco, who covers the company, said in a research note "it is probable that 20 of these closures will be in the terrible Ontario market."! ]& m/ I8 J) B' p! k" O b
8 N5 D4 @8 }: e0 q9 qSobeys' parent company says it will close four Sobeys locations in Calgary as well as one Safeway store there in the coming months." w1 C$ Y- I9 k' @0 O: m
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