Restructuring Sinks Sobeys Earnings

Severance payments and inventory write-offs related to a restructuring of its distribution network, as well as costs related to its going-private transaction, contributed to a 13.5% decline in fourth-quarter earnings for Sobeys. Empire Co. last month completed the acquisition of Sobeys shares it did not already own, taking the retailer private. Sobeys' financial results

STELLARTON, Nova Scotia — Severance payments and inventory write-offs related to a restructuring of its distribution network, as well as costs related to its going-private transaction, contributed to a 13.5% decline in fourth-quarter earnings for Sobeys here.

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