Metro (TSE:MRU), one of Canada’s largest grocers, has requested an injunction against striking workers who are picketing its warehouses in Ontario, leading to disrupted deliveries and considerable food wastage. The strike, affecting 3,700 workers from 27 Greater Toronto Area stores, entered its fourth week with secondary picketing that blocks supplies to Metro and Food Basics stores province-wide.
Marie-Claude Bacon, a company spokesperson, warned of potential food wastage, saying that it’s Metro’s duty to ensure customers get the food that they need. Workers are fighting to get their pandemic “hero pay” back – an added $2 per hour. Larry Savage, a labor studies expert, commented that while secondary picketing is protected by the Canadian Charter of Rights and Freedoms, its legality could be challenged if considered to be “wrongful action” in the eyes of the law.
As tensions rise, both sides await the possible granting of the injunction on Monday, even as discussions about wage offers continue to stall. Nonetheless, it remains to be seen how these strikes will affect Metro’s financial results from here.
Is Metro Stock a Buy, According to Analysts?
According to analysts, Metro stock comes in as a Hold based on six unanimous Hold ratings assigned in the past three months. The average MRU stock price target of C$84.05 implies 20.2% upside potential.
