Man, this kind of sucks. T&T is well run, good prices, etc. Loblaws is going to ruin that.
Loblaw to acquire T&T Supermarket, Canada's largest Asian food retailer
T&T to operate as separate division of Loblaw
BRAMPTON, ON, July 24 /CNW/ - Loblaw Companies Limited ("Loblaw") (TSX:
L) today announced that the shareholders of T&T Supermarket Inc. ("T&T") have
entered into an agreement with Loblaws Inc., a subsidiary of Loblaw, for the
purchase of all the common shares of T&T Supermarket, Canada's largest Asian
food retailer. The purchase price will be $225 million, with certain
adjustments to be made at closing. $191 million of the purchase price will be
funded by cash and the remaining through preferred shares issued by T&T, the
value of which will be tied to the future performance of the business.
"We are delighted with this acquisition", said Galen G. Weston, Executive
Chairman of Loblaw Companies Limited. "T&T's talented management team and
colleagues have developed what we believe are the best Asian stores in Canada,
which will be used to help Loblaw extend its ethnic offering to better serve
Canada's largest growing customer segment."
T&T Supermarket began operations in 1993 and now operates 17 stores in
the provinces of British Columbia, Alberta and Ontario and four distribution
centres, three in Vancouver and the other in Toronto. T&T Supermarket offers a
robust Asian food offering with emphasis on fresh and ready to consume meals.
"Some of our customers have a nickname for us - The Asian Loblaw. Today
we are proud it has become a reality", said Cindy Lee, CEO of T&T Supermarket
Inc. "This acquisition recognizes all of our employees' hard work over the
years and the great business we have built. Together with Loblaw, we will
continue to celebrate our authenticity while maintaining and enhancing our
customers' shopping experience. With the strong backing of Loblaw and the
commitment of our employees, we look forward to continued growth and
effectively serving Asian food to even more families across Canada."