Loblaws cutting hundreds of jobs
Loblaw Co. Ltd. says it's cutting about 700 jobs, mostly management and administrative positions at its Toronto-area head office.
The grocery retailer says the move will reduce costs and make the company more efficient.
Loblaw (TSX:L) says the job notices will begin going out immediately and the cuts should be complete within three weeks.
It says the move will result in a one-time expense of $60 million, to be recorded in the fourth quarter of its financial year.