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Overwaitea acquires three IGA stores in B.C.

Thursday, January 14, 2016

The Overwaitea Food Group (OFG) has acquired three Marketplace IGA stores in British Columbia’s lower mainland from H.Y. Louie Co. Limited, and will convert the locations to the Save-On-Foods banner.

Overwaitea takes possession of the three stores – the Centrepoint and Dunbar locations in Vancouver, and Old Orchard Mall in Burnaby – on March 31. The stores will close briefly so that they can be renovated to the Save-On-Foods format. The acquisition brings Save-On-Foods’ total store count to 151 locations, the company said.

“As a local grocer our philosophy is to tailor our stores and the mix in those stores to suit the needs of our customers and their communities. We rely on the folks who work in each of our stores to help us understand and deliver this local service. By welcoming these talented people to our team in these fantastic locations, we are in a great position to continue growing our business,” says Darrell Jones, president, Overwaitea.

“This acquisition adds to Save-On-Foods’ growth strategy, in the last two years we opened 23 new stores and look forward to opening over 25 more stores in the next 24 months,” added Jones.

In a statement, H.Y. Louie said the decision to sell the stores “has not been made lightly… however this change will allow H.Y. Louie to repurpose, grow different parts of our business and innovate in new ways to build a stronger future for our company.”

One of the key elements in the decision process was the need to take care of employees. “Under the terms of the collective agreement, the 220 people employed at these stores will continue to be employed by Tober Enterprises, (which will now be owned by OFG) and will be brought under the fold of the Save-OnFoods banner,” H.Y. Louie said.

 

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