Empire Company Ltd., parent company of Sobeys, said during its fourth quarter earnings report said the review “logically follows the acquisition of Canada Safeway which was completed in the third quarter of fiscal 2014.”
Stores up for closure, 60% of which are in Canada, comprise about 3.8% of the company’s total gross square footage and were “consistently underperforming,” according to the earnings call news release.
The fifty store closure is in addition to 30 locations the company was ordered to sell as part of last year’s acquisition of Canada Safeway. Sobeys said during the call it had sold all but one of those locations.
Sobeys operates more than 1,500 stores in 10 provinces. The company reported $5.94 billion in sales in the fourth quarter.