Republished May 27, 2016 - 12:05 PM
Original Publication Date May 27, 2016 - 5:25 AM
BRAMPTON, Ont. - Loblaw Co. says it's taking steps to sell its network of 212 gasoline filling stations.
In a statement from its head office in Brampton, Ont., Loblaw (TSX:L) said the gas bars continue to deliver strong, stable cash flows.
But the company best known for its grocery business said it believes the right strategic partner would "elevate" the fuel business.
The company says it will "engage potential buyers," but didn't provide an estimated price tag for the business or other details of its plan.
Loblaw said about 20 per cent of stores under its various banners, including No Frills, Your Independent Grocer and Real Canadian Superstore, have a gas bar adjacent to them.
They are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and Yukon.
News from © The Canadian Press, 2016