Are you looking for a stock?

Try one of these

Related Videos

Loblaw to cut 700 head office jobs

Tags: Loblaw

Loblaw Cos. Ltd. is cutting about 700 head office and administrative jobs as part of a continuing turnaround plan.

The Brampton, Ont.-based grocery giant is providing few details about the cuts, but said in a news release it expects to book a one-time $60 million fourth-quarter charge related to the costs of the planned staff reductions.

“We’re managing costs where it makes sense by reducing administrative expense. We will continue to invest in driving the business forward by devoting more resources to enhance the customer proposition,” Loblaw president Vicente Trius said in a news release Tuesday.

“This change was made as part of a strategic plan to make Loblaw stronger as we evolve to address changing customer needs and ensure we have the flexibility to adjust to the demands of the marketplace.”

Loblaw executive chairman Galen G. Weston is spearheading a major turnaround program to deal with a variety of challenges, including problematic technology and supply chain systems and growing pressure from rivals such as Wal-Mart Canada Corp.

Trius took over as the new president last summer to oversee day-to-day operations. CTV Two CTV News CTV News Channel BNN - Business News Network CP24