The North West Company Inc. Announces Closing of Giant Tiger Stores Transaction
July 06 2020 - 12:43PM
(TSX: NWC): The North West
Company Inc. (the “Company” or “North West”) announced today the
closing of the sale of 36 Giant Tiger stores (the “GT Store
Transaction”) to Giant Tiger Stores Limited (“GTSL”), effective
July 5, 2020.
The GT Store Transaction was completed on
substantially the same terms previously reported by the Company
over the past two quarters and which can be accessed in the
investor section of the Company’s website at www.northwest.ca.
“The GT Store Transaction enables North West to
put more focus on our core business performance and potential,
including our ongoing product supply arrangements with GTSL and our
retained Giant Tiger stores serving northern communities. A special
thank you to the great team of Giant Tiger store associates who
have now joined the GTSL organization. You have been instrumental
in building the Giant Tiger brand and we wish you and GTSL great
success in the next chapter of GT’s growth in western Canada”
commented North West President & CEO Edward Kennedy.
Notice to Reader
Certain forward-looking statements are made in
this news release, within the meaning of applicable securities
laws, including but not limited to, statements with respect to the
Company’s anticipated future results, events and plans, strategic
initiatives and restructuring, future liquidity, planned capital
investments, and the anticipated impact of the COVID-19 virus on
the Company’s operations and the Company’s related business
continuity plans. These statements reflect North West’s current
expectations and are based on information currently available to
management. The words may, will, should, believe, expect, plan,
anticipate, intend, estimate, predict, potential, continue, or the
negative of these terms, identify forward-looking matters. These
statements speak only as of the date of this press release. The
actual results could differ materially from those anticipated in
these forward-looking statements.
Reliance should not be placed on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance, capital expenditures or achievements of North
West to differ materially from anticipated future results,
performance, capital expenditures or achievement expressed or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially from those set forth in
the forward-looking statements include, but are not limited to,
business performance, fluctuations in interest rates and currency
values, legislative and regulatory developments, legal
developments, the occurrence of weather-related and other natural
catastrophes, changes in tax laws, and those risks and
uncertainties detailed in the section entitled Risk Factors in
North West’s Management’s Discussion and Analysis and Annual
Information Form, both for the year-ended
January 31, 2020. The preceding list is not an exhaustive
list of possible factors. These and other factors should be
considered carefully and readers are cautioned not to place undue
reliance on these forward-looking statements. North West undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, other than as required by applicable law.
Company Profile
The North West Company Inc., through its
subsidiaries, 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 214 stores under the trading names Northern, NorthMart,
Giant Tiger, Alaska Commercial Company, Cost-U-Less and RiteWay
Food Markets and has annualized sales of approximately CDN$2.0
billion.
The common shares of North West trade on
the Toronto Stock Exchange under the symbol NWC.
For more information
contact:
Edward Kennedy, President and Chief Executive
Officer, The North West Company Inc.Phone 204-934-1482; fax
204-934-1317; email ekennedy@northwest.ca
John King, Executive Vice-President and Chief
Financial Officer, The North West Company Inc.Phone 204-934-1397;
fax 204-934-1317; email jking@northwest.ca
Amanda Sutton, Vice President, Legal and
Corporate Secretary, The North West Company Inc.Phone 204-934-1756;
fax 204-934-1317; email asutton@northwest.ca
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