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Loblaw Unveils Plans to Fight Theft at Shareholder Meeting

BRAMPTON, Ont. -- Loblaw Cos., Ltd. spoke about ways it planned to reduce losses of CAN $1 billion due to mismanagement and theft at a shareholder meeting in Toronto.

According to published reports, c.o.o. Dalton Philips said at the meeting that the retailer has started performing criminal background checks on people applying for positions, and so far this year, 7.5 percent of them have been rejected on account of their records.

Philips added that Loblaw was additionally attempting to slow what he called a "massive" turnover rate by such measures as offering employees 10 percent shopping discounts.

A test program rolled out in the last quarter of 2007, in which prices of food are marked down the day before they're due to expire, would be introduced chainwide, according to Philips, who noted that the test at 15 stores led to a 30 percent reduction in throwaway rates.

Loblaw's share levels and operating profit have been declining for the past year.
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