TORONTO, March 28, 2023 /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) ("CTC" or the "Company") today provided an update following the March 15th fire at its A.J. Billes Distribution Centre located at 8550 Goreway Drive in Brampton, Ontario. The Distribution Centre services Canadian Tire Retail (CTR) stores nationally and is one of CTC's largest distribution centres in the country.
Employees were safely evacuated from the Distribution Centre following well-executed emergency protocols. CTC would like to thank the firefighters and first responders who worked tirelessly to contain the fire and helped protect the health and safety of its team members.
Operations at the facility have been suspended since March 15th. Remediation efforts are underway, including electrical remediation, structural assessments and cleanup. Onsite cleaning crews are prioritizing areas that will allow phased operations to resume as quickly as possible. In the meantime, CTC continues to transition some of its priority inventory to its other Ontario distribution centres and is setting up temporary facilities to help manage the flow of product to Canadian Tire Retail stores.
The extent of the damage and remediation and recovery timelines, as well as the impact on CTC's financial results, are still being assessed. Some of the anticipated costs, including lost inventory, building damage, cleanup, repairs, as well as delayed shipments due to the temporary shutdown of the facility, are expected to impact first quarter results. CTC will continue working with its insurance provider on this matter over the coming months.
Further details will be shared as part of CTC's Q1 2023 results, to be released on May 11, 2023.
FORWARD-LOOKING INFORMATION
This press release contains information that may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information provides insights regarding management's current expectations and plans and allows investors and others to better understand the Company's anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Although the Company believes that the forward-looking information in this press release is based on information, assumptions and beliefs that are current, reasonable, and complete, such information is necessarily subject to a number of business, economic, competitive and other risk factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For information on the material risk factors and uncertainties and the material factors and assumptions applied in preparing the forward-looking information that could cause the Company's actual results to differ materially from predictions, forecasts, projections, expectations or conclusions, refer to section 11.0 (Key Risks and Risk Management) of our Management's Discussion and Analysis for the Fourth Quarter and Full-Year ended December 31, 2022 as well as CTC's other public filings, available at http://www.sedar.com and at https://investors.canadiantire.ca. The Company does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.
ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or "CTC", is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The more than 1,700 retail and gasoline outlets are supported and strengthened by CTC's Financial Services division and the tens of thousands of people employed across Canada and around the world by CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.
SOURCE CANADIAN TIRE CORPORATION, LIMITED
View original content: http://www.newswire.ca/en/releases/archive/March2023/28/c8578.html