TORONTO, April 9, 2020 /CNW/ - George Weston Limited
("George Weston" or the "Company") (TSX: WN) today provided an
update relating to the impact of the COVID-19 pandemic.
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The Company and its operating segments continue to play
important roles in the current environment and have taken
significant steps in response to the COVID-19 pandemic. Loblaw
experienced a sharp increase in sales beginning in March and has
made significant investments across its businesses to ensure that
Canadians have continued access to food and pharmacy products and
services in-store and on-line, and to provide a safe and secure
environment in its stores and pharmacies. Choice Properties Real
Estate Investment Trust recently announced that it will work with
qualifying small businesses and independent tenants who have
requested rent relief, on a case by case basis, with rent deferrals
for 60 days. Weston Foods has rapidly responded to changes in
demand from retail and foodservice customers, is taking action to
ensure the reliability of its supply chain, and has enhanced its
manufacturing practices to safeguard the health of its workforce
and ensure the safety of its products.
Galen G. Weston, Chairman and
Chief Executive Officer of George Weston Limited, commented that
"George Weston's businesses have
responded quickly and thoughtfully in response to the COVID-19
pandemic, all with a view to supporting their colleagues,
customers, tenants, suppliers and their communities. We are proud
of the actions being taken at each of Loblaw, Choice Properties and
Weston Foods during these unprecedented and challenging times and
the extraordinary efforts of our workforce. Our group of companies
will continue this important work and will continue to serve the
needs of our communities and stakeholders as best as we can."
With these changes and others being implemented by the Company's
operating businesses and the uncertainty about the duration and
impacts of the COVID-19 pandemic, it is difficult to predict with
precision how the Company and each of its operating segments will
perform for the balance of the year relative to the published
guidance from the Company and each of its operating businesses. As
a result, the Company is withdrawing the 2020 Outlook contained in
its Management's Discussion and Analysis for the year ended
December 31, 2019 (the "Annual
MD&A"). The Company expects to release its 2020 first quarter
results on May 5, 2020.
About George Weston Limited
George Weston Limited is a Canadian public company founded in
1882. The Company operates through its three reportable operating
segments, Loblaw Companies Limited, Choice Properties Real Estate
Investment Trust and Weston Foods. Loblaw provides Canadians with
grocery, pharmacy, health and beauty, apparel, general merchandise,
financial services and wireless mobile products and services.
Choice Properties owns, manages and develops a high-quality
portfolio of commercial retail, industrial, office and residential
properties across Canada. The
Weston Foods operating segment includes a leading North American
bakery that offers packaged bread and rolls in Canada as well as frozen and artisan bread and
rolls, cakes, donuts, pies, biscuits and alternatives throughout
Canada and the U.S.
Forward Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities legislation, including
with respect to the announced corporate actions and impact of the
COVID-19 pandemic, which reflects the Company's current
expectations regarding future events. Given this unprecedented
period of uncertainty, there can be no assurance regarding: (a) the
impact of COVID-19 on the Company or the business, operations and
performance of its operating segments, including the Company's
ability to meet or remain on track to meet or exceed its stated
2020 financial outlook, which has now been withdrawn; (b) the
Company and its operating segments ability to mitigate such
impacts; (c) credit, market, currency, operational, and liquidity
risks generally; and (d) other risks inherent to the Company or its
operating segments' businesses and/or factors beyond its control
which could have a material adverse effect on the Company.
Forward-looking information is based on a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond the Company's control that could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed in the Annual MD&A and the Company's current
Annual Information Form and uncertainty related to the ongoing
COVID-19 pandemic. The Company does not undertake any obligation to
update such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. All forward-looking statements
contained in this press release are made as of the date hereof and
are qualified by these cautionary statements.
SOURCE George Weston Limited