Loblaw cutting stores to close Shoppers deal

Loblaw has gotten a stamp of approval from the Competition Bureau for its $12.4-billion purchase of Shoppers Drug Mart.

However, the grocery giant must sell 18 stores and nine pharmacies to close the transaction, according to bureau documents.

The bureau’s release says that “requiring Loblaw to divest its pharmacy business within a Loblaw store to an independent operator” in nine regions will help support competition in the retail pharmacy sector.

It adds, “Loblaw will [also] be required to divest [18] stand-alone store[s]” to restrict its domination of Canadian retail markets. The list includes: nine stores from Ontario; three from Alberta; two each from New Brunswick and Nova Scotia; and one each from Prince Edward Island and British Columbia.

Check out the Competition Bureau’s release for more.

For more retail news, read:

Target Canada to expand

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RBC is top North American retail bank

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.