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Troubled Safeway acquisition by Sobeys hits Empire with $1.36-billion Q3 loss

2016-03-10 16:20:06| Grocery - Topix.net

The company behind the Sobeys grocery chain has written down the value of its western business, primarily the Safeway chain, resulting in a loss of $1.36 billion in its latest quarter. Empire says the loss was largely due to a recognition that the long-term value of the Safeway business is lower than previously estimated.

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