The board of directors for Co-op Atlantic has recommended that the organization exit the food and fuel wholesale business and sell those assets to Sobeys.
In a press release issued Saturday, the board says the recommendation follows several months of operational and financial review.
The proposed sale would see Sobeys purchase the majority of the Co-op’s food and gas retail sites and its wholesale assets. Each member-owned store will negotiate agreements with Sobeys.
Co-op Atlantic members have until May 12 to vote on the recommendation.
The board of directors says following that vote, the organization will assess what the changes will mean for its remaining divisions, which include home energy and agriculture.
