TORONTO, Oct. 16 (UPI) -- Canada's largest supermarket chain, Loblaw Inc., announced Tuesday it is cutting 700 administrative jobs from its Toronto-area headquarters.
"The company expects to take a one-time estimated $60 million charge in the fourth quarter, reflecting the anticipated costs of the planned reductions," a company statement said.
The company has more than 1,000 stores under various names across Canada and employs more than 135,000 full-time and part-time staff.
Company President Vicente Trius downplayed the layoffs in the corporate release.
"In the past 12 months we have opened 14 new stores where we added more than 2,000 new jobs, making a positive contribution to the communities we serve," Trius wrote.
The company faces more competition, with U.S. companies including Walmart and Target opening new Canadian outlets and expanding into groceries, the Toronto Star said.
