Business
Canadian Tire Corporation Provides Update on Fire at A.J. Billes Distribution Centre
Canadian Tire Corporation Provides Update on Fire at A.J. Billes Distribution Centre Ca...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n \n \n \n Canadian Tire Corporation Provides Update on Fire at A.J. Billes Distribution Centre\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 28, 2023\n \n \n /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) (\"CTC\" or the \"Company\") today provided an update following the\n \n March 15\n \n \n th\n \n fire at its A.J. Billes Distribution Centre located at 8550 Goreway Drive in\n \n Brampton, Ontario\n \n . The Distribution Centre services Canadian Tire Retail (CTR) stores nationally and is one of CTC's largest distribution centres in the country.\n \n \n Employees were safely evacuated from the Distribution Centre following well-executed emergency protocols. CTC would like to thank the firefighters and first responders who worked tirelessly to contain the fire and helped protect the health and safety of its team members.\n \n \n Operations at the facility have been suspended since\n \n March 15\n \n \n th\n \n . Remediation efforts are underway, including electrical remediation, structural assessments and cleanup. Onsite cleaning crews are prioritizing areas that will allow phased operations to resume as quickly as possible. In the meantime, CTC continues to transition some of its priority inventory to its other\n \n Ontario\n \n distribution centres and is setting up temporary facilities to help manage the flow of product to Canadian Tire Retail stores.\n \n \n The extent of the damage and remediation and recovery timelines, as well as the impact on CTC's financial results, are still being assessed. Some of the anticipated costs, including lost inventory, building damage, cleanup, repairs, as well as delayed shipments due to the temporary shutdown of the facility, are expected to impact first quarter results. CTC will continue working with its insurance provider on this matter over the coming months.\n \n \n Further details will be shared as part of CTC's Q1 2023 results, to be released on\n \n May 11, 2023\n \n .\n \n \n \n FORWARD-LOOKING INFORMATION\n \n \n Th...