Loblaws Companies Ltd., says it will close 52 unprofitable stores over the next year throwing hundreds out of work to improve the company’s overall profitability.
In Sault Ste. Marie, two stores could be affected, though no official announcement has been made.
Rome’s Independent Grocers on Great Northern Road and Joe’s No Frills on Second Line are affiliated with the Loblaws Brand.
The company says the closures would result in a loss of $300 million in sales but would contribute to about $40 million to its operating income.
The list of closures includes gas bars, Joe Fresh standalone stores and select pharmacies and grocery stores. The company purchased the Shoppers Drug Mart last year. The Company posted profits of $186 million this year compared to a loss of $456 million last year due mainly to the acquisition of Shoppers.