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CANADIENS LOSSES CONTRIBUTE TO MOLSON'S POOR SHOWING
Published November 15, 1994
Molson Cos. Ltd. "plans to get out of retailing and focus on beer and cleaning, with a bit of hockey on the side." Meeting with financial analysts in New York, Molson President Marshall Cohen said the company's growth will focus on Diversey, its U.S. cleaning and chemical specialty business, even though the division has posted consistent losses. Cohen also said earnings this year would be lower due to the NHL lockout. According to company spokesperson Barry Joslin, Molson, which owns the Canadiens and the Montreal Forum and sponsors "Hockey Night in Canada," will lose $11M in operating profit if the season doesn't start by January 1, and $22M if the entire season is canceled (Art Chamberlain, TORONTO STAR, 11/15). Molson spokesperson Bill Chambers: "We still hope that a truncated season will be played. But not blindly. We have a responsibility to our shareholders." A company statement calls the Canadiens a "legacy asset" worth keeping, despite the losses from the labor dispute (Francois Shalom, MONTREAL GAZETTE, 11/15).