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Report: Loblaw to lay off 500 employees

Canadian food and drug retailer Loblaw Cos. Ltd. is cutting 500 jobs from its store-support offices, The Canadian Press reported Oct. 16, citing Loblaw President Sarah Davis' notice to employees about the layoffs.

Davis reportedly said the business is "at an inflection point, with growing pressures — from new costs and competition — and with many opportunities to grow and evolve" and added that the company is committed to reducing costs and running efficiently.

She also said many of the positions will be scrapped immediately, according to the report.