Co-op Atlantic to lay off 400 employees and close four food stores

MONCTON, N.B. – Co-op Atlantic is laying off 400 employees and closing four of its food stores in the region as it moves ahead with a restructuring plan that includes getting out of the food and retail gas businesses.

The company also announced that it has obtained an order from New Brunswick’s Court of Queen’s Bench to initiate proceedings under the Companies’ Creditors Arrangement Act.

The company said the order will give the organization the time it needs to deal with its financial challenges.

As for the store closures, they include grocery stores in Moncton, N.B., Labrador City, N.L., Grand Bay-Westfield, N.B., and Charlottetown, PEI.

Bryan Inglis, the company’s interim chief executive officer, said the layoffs are the result of reduced operations in the food and retail gas divisions.

He says the company will continue to focus on its agricultural, bulk fuel and housing businesses.

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