Business
George Weston and Loblaw take action to address industry-wide anti-competitive activity
George Weston and Loblaw take action to address industry-wide anti-competitive activity ...
About this update from George Weston Limited
[{"type":"text","content":"\n\n\n\nGeorge Weston and Loblaw take action to address industry-wide anti-competitive activity\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\nCanada NewsWire\nTORONTO, Dec, 19, 2017\n\n\n\n\nGeorge Weston and Loblaw announce actions taken to address role in industry-wide price-fixing arrangement involving certain packaged bread products\nUpon learning of issue, George Weston and Loblaw immediately reported it to the Competition Bureau\nCompanies have taken action to address issue, including enhancing competition compliance programs and ensuring employees responsible are no longer with companies\nLoblaw offering customers $25 Loblaw Card, which can be used to purchase items sold in Loblaw grocery stores across Canada\n\n\n\nTORONTO, Dec, 19, 2017 /CNW/ - George Weston Limited (TSX:WN, \"George Weston\") and Loblaw Companies Limited (TSX:L, \"Loblaw\" and, together with George Weston, the \"Companies\") today announced actions they have taken to address their role in an industry-wide price-fixing arrangement involving certain packaged bread products, and to ensure it never happens again.\n\nAs previously reported, the Competition Bureau has commenced an investigation into a price-fixing arrangement. The arrangement involved the coordination of retail and wholesale prices of certain packaged bread products over a period extending from late 2001 to March 2015. Under the arrangement, the participants regularly increased prices on a coordinated basis. The participants included Loblaw and the Weston Bakeries division of George Weston as well as other major grocery retailers and another bread wholesaler, some of which have acknowledged being searched by the Competition Bureau as part of its ongoing investigation.\n\nThe searches were conducted under court filings made by the Competition Bureau on a confidential basis. Although those filings remain sealed under a court order, they were made available earlier today to the Companies and other affected parties for review. Having reviewed the court filings and advised the Director of Public Prosecutions of Canada as required, the...