(Source: The Toronto Star)
Company to purchase T&T Supermarket chain to tap into growing market in Canada
Loblaw Cos. Ltd. today announced a major push into Canada’s fast-growing Asian market with a $225 million offer to purchase the T&T Supermarket chain.
The move comes as Canada’s largest supermarket chain reported a strong second quarter but warned that rising unemployment and falling inflation has begun to hurt food sales across the country.
“We’ve got half a million people unemployed who were working a year ago and that has an impact. We’re beginning to see people are buying less,” said Loblaw president and deputy chairman Allan Leighton.
In the quarter ended June 20, the company said profit rose 37.9 per cent to $193 million, or 70 cents a share, while sales grew 2.8 per cent to $7.2 billion.
Read the full article by Dana Flavelle “Loblaw to tap Asian market” in the Toronto Star (July 24, 2009)