Metro Inc. has plans of reorganizing its grocery retail network in Ontario, which will affect 15 Metro stores. The stores will either be converted to Food Basics or closed. The move is as a result of intensified competition. Metro Inc. is based in Montreal, and is one of the largest grocery retailers in Canada. The retailer said it would offer buyouts to some of its unionized employees. However, it failed to give details about the number of employees or the locations that will be involved.
More About the Retailer
Metro Inc. has a total number of food stores exceeding 600 under numerous banners and approximately 250 pharmacy stores in Quebec and Ontario. The retailer has approximately 65,000 employees. Metro announced the reorganization of its Ontario network in the most recent quarterly report. According to the report, the retailer had net earnings amounting to about 149.8-million dollars. The company said that a 40-million dollar restructuring would be recognized in the next quarter following the reorganization of the Ontario network.
Intense Competition
The adjusted earnings for Metro from continuing operations were almost constant, which resulted in adjusted earnings per share of $1.55. This was up from $1.46 per share the previous year. Food Basics, Metro’s discount banner is fending off expansion by Target and Walmart. In addition, they are receiving stiff competition, especially in Ontario, from supermarket rivals like Sobeys and Loblaw’s. Metro is the leading grocery retailer in Quebec with almost 34% market share. It’s food stores operate under numerous banners including Metro Plus, Metro, Super C, Food Basics and GP.
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