Empire sells theatre business; Cineplex gets 26 locations, Landmark gets 20

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STELLARTON, N.S. - Empire Company Ltd. (TSX:EMP.A) is getting out of the movie-theatre business in order to focus on Sobeys, the national grocery chain that accounts for most of the Nova Scotia-based company's revenue. Canada's largest cinema company, Toronto-based Cineplex Inc. (TSX:CGX), pay $200 million cash to acquire 26 of the theatres — all but two in Atlantic Canada — while Landmark Cinemas will buy 20 theatres in Ontario and Western Canada for up to $55 million. Empire also announced Thursday that it had $98.6 million or $1.45 per share of adjusted earnings in the fourth quarter — up $9 million from a year earlier and eight cents per share above the consensus estimate.

Organizations: TSX, Empire Company Ltd., Sobeys Landmark Cinemas

Geographic location: Atlantic Canada, STELLARTON, Ontario

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