Canada’s Billionaire Westons Reshuffle Empire, Tighten Control
- George Weston to sell food business after failing to find deal
- Company will focus on retail and real estate holdings
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Canada’s billionaire Weston family is shaking up its empire, selling a historic bakery division it failed to scale up and bringing heir Galen G. Weston back at the helm of the country’s largest grocery chain.
George Weston Ltd. is selling Weston Foods, cutting off a business that’d been in the family since the 1880s to focus on its supermarket and drugstore chains at Loblaw Cos., as well as its vast real estate holdings. A separate statement named Weston, Loblaw’s executive chairman, as chairman and president of the grocery chain when President Sarah Davis retires on May 6.