Have you heard the news:
Atlantic Co-op has gone into Bankruptcy protection:
Co-op Atlantic is laying off approximately 400 employees and is closing 4 food stores in the Atlantic area. It is still moving ahead with a restructuring plan.
The company issued a statement on Thursday that they obtained an order to initiate the proceedings under the Creditors Arrangement Act.
Recently Atlantic Coop sold many of its gas and grocery businesses to Sobey’s for almost over 24 million dollars to help with financial challenges.
The 400 layoffs are a result of reduced operations.
Store Closures include Moncton, N.B., Labrador City, N.L., Grand Bay-Westfield, N.B., and Charlottetown.
Co-op Atlantic said it is working on securing additional financing with National Bank and pledged to keep paying suppliers for goods and services bought during the CCAA proceedings.
Sobeys has announced plans to change some Co-op stores to Sobeys’ labels
As well, 3 Co-op gas bars are to be converted to Shell stations
Sobeys is now supplying food to all but 2 of 48 member-owned Co-op locations:
Read More About This from Official Sources:
What are your thoughts about Atlantic Co-op becoming Sobey’s and practically disappearing from Eastern Canada?
I am personally sad every time a chain disappears