WINNIPEG, MANITOBA--(Marketwired - April 15, 2014) - The North West Company (North West) (TSX:NWC) today announced it has entered into a binding purchase and sale agreement with Sobeys Inc. to acquire a Price Chopper store in Winnipeg, Manitoba.
The sale is part of Sobeys' October, 2013 Consent Agreement with the Competition Bureau related to its purchase of Canada Safeway and is subject to approval by the Competition Bureau and other customary closing conditions.
With this addition, North West will now operate ten stores in Winnipeg together with a distribution centre and its head office, employing a total of 1,227 people.
"We are very excited about the addition of the Price Chopper location to our retail presence in the Winnipeg market," says Dan McConnell, Vice President Development and Corporate Affairs, The North West Company.
The store will continue to operate under the same Price Chopper name with the same complement of employees following the transaction. Price Chopper is located at 677 Stafford Street in Winnipeg, Manitoba.
About The North West Company
The North West Company Inc. is a leading retailer of food and everyday products and services to rural communities and urban neighbourhoods in Canada, Alaska, the South Pacific and the Caribbean. North West operates 226 stores under the trading names Northern, NorthMart, Giant Tiger, AC Value Center and Cost-U-Less and has annualized sales of approximately CDN$1.5 billion. The common shares of North West trade on the Toronto Stock Exchange under the symbol "NWC".