First time in more than six years that a company named in the Competition Bureau probe has acknowledged playing a role in the alleged conspiracy to inflate bread prices in Canada
One of Canada’s largest bread makers has pleaded guilty to a criminal scheme to fix bread prices and will pay a $50-million fine – the largest price-fixing fine in Canadian history and a significant development in the federal Competition Bureau’s investigation into the alleged conspiracy that has dragged on for years.
The scheme affected the price of various bread products, including sandwich loaves, rolls and hot dog buns. Loblaw and Weston disclosed that the scheme to artificially raise the prices of bread products had continued for years, from 2001 to 2015, and included both its own stores and the Weston Foods manufacturing business, as well as other retailers and Canada Bread. The Bureau’s investigation began in January of 2016.
Canada Bread’s annual sales for its fresh bakery product category – the majority of which comprises “fresh commercial bread” – rose from $945.9-million in 2007 to nearly $1.1-billion in 2011. In addition to the Bureau’s continuing investigation, there are also ongoing civil matters related to the price-fixing scandal. Last year, an Ontario Superior Court judgealleging the scheme led to shoppers being overcharged by an estimated $5-billion over 16 years – a longer period than Loblaw first disclosed, because the case alleges that inflated prices were not reduced and damages continued even after the conduct was made public.
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