SpeedBaby
07-24-2009, 02:09 PM
Here is the article (http://www.citynews.ca/news/news_36125.aspx):
The largest Asian grocery chain in Canada is no more, as Loblaw completed its purchase of T&T Supermarkets.
The deal is worth $225 million, with Loblaw Companies Ltd handing over $191 million in cash for the stores.
The rest will be funded through preferred shares, tied to the future performance of the business.
T&T has a total of 17 locations across the country and five of them are in Toronto. There are others in British Columbia, Alberta, and elsewhere in Ontario.
The deal is expected to close by the end of the year, subject to consents and regulatory approvals.
Last year, T&T boasted sales of about $514 million.
Now since lately most major Loblaws/Superstores have expanded their 'asian product' sections while charging nearly double for the same products that T&T usually sells, i sincerely hope that it doesn't mean that after the acquisition the T&T prices will go up to the same level. Hopefully they realize that the only way to maintain those sales levels of $514 mil is not to mess with the structure currently implemented at those stores.
Otherwise, as long as they keep having specials on lemon tea, i don't really care.
The largest Asian grocery chain in Canada is no more, as Loblaw completed its purchase of T&T Supermarkets.
The deal is worth $225 million, with Loblaw Companies Ltd handing over $191 million in cash for the stores.
The rest will be funded through preferred shares, tied to the future performance of the business.
T&T has a total of 17 locations across the country and five of them are in Toronto. There are others in British Columbia, Alberta, and elsewhere in Ontario.
The deal is expected to close by the end of the year, subject to consents and regulatory approvals.
Last year, T&T boasted sales of about $514 million.
Now since lately most major Loblaws/Superstores have expanded their 'asian product' sections while charging nearly double for the same products that T&T usually sells, i sincerely hope that it doesn't mean that after the acquisition the T&T prices will go up to the same level. Hopefully they realize that the only way to maintain those sales levels of $514 mil is not to mess with the structure currently implemented at those stores.
Otherwise, as long as they keep having specials on lemon tea, i don't really care.