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Loblaw parent company suffers $253M loss due to bread price-fixing settlement

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Loblaw,Earnings

Loblaw parent company George Weston Limited has shared that its pockets were hit hard by the bread price-fixing settlement in its second-quarter ea...

Loblaw parent company George Weston Limited has shared that its pockets were hit hard by the bread price-fixing settlement in its second-quarter earnings results.

George Weston agreed to pay $247.5 million in cash, and Loblaw will pay $252.5 million—$156.5 million in cash and credit for $96 million previously paid to customers by the grocery giant under thelatest earnings reportDue to this, George Weston's net earnings available to common shareholders were $400 million, a decrease of $98 million.

The results say Loblaw delivered strong operational performance in the quarter, driving sales growth and maintaining a careful focus on cost control.

 

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Loblaw, parent company George Weston agree to pay $500-million to settle bread price-fixing lawsuitsCanada’s largest grocer and holding company already publicly acknowledged their participation in price-fixing in 2017 in exchange for immunity from criminal charges
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