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Loblaw Cos Ltd plans to close 52 unprofitable retail locations across a range of banners and formats. The company predicts the restructuring over the next 12 months will decrease sales by $300M but result in a “favourable impact to operating income” of as much as $40M. Loblaw expects the move to cost $120M, including $30M for severance and lease termination costs. Loblaw saw its Q2 revenue rise to $10.54B, with a profit of $185M versus a $456M loss the same time last year, a period that included the costs of acquiring Shoppers Drug Mart.
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