October 16, 2012 / 1:27 PM / in 6 years

Loblaw to cut about 700 head office, administrative jobs

Oct 16 (Reuters) - Loblaw Cos Ltd, Canada’s largest grocer, said on Tuesday that it planned to cut about 700 head office and administrative jobs over the next three weeks in a move aimed at reducing costs.

The cuts, which will be primarily in management and administrative ranks, will result in a one-time charge of about C$60 million ($61.2 million) in the fourth quarter, the company said in a statement.

Loblaw and other Canadian grocers face increasing competition as Wal-Mart Stores Inc boosts its food offerings in the country ahead of the 2013 arrival of U.S. discount retailer Target Corp.

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