10/16/2012 09:21 EDT | Updated 10/16/2012 09:21 EDT

Loblaws Layoffs To Hit 700 Mostly At Head Office


BRAMPTON, Ont. — Loblaw Co. Ltd. says it's cutting about 700 jobs, mostly management and administrative positions at its Toronto-area head office.

The grocery retailer says the move will reduce costs and make the company more efficient.

Loblaw (TSX:L) says the job notices will begin going out immediately and the cuts should be complete within three weeks.

It says the move will result in a one-time expense of $60 million, to be recorded in the fourth quarter of its financial year.

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