By the late early 1970s, the company's aggressive expansion and acquisitions strategy, which in the past had produced such remarkable growth, was showing signs of strain. Retail sales and earnings were in decline as Loblaws’ aging chain of supermarkets looked increasingly uncompetitive. In 1972, Garfield Weston, Chairman of George Weston Limited, named his youngest son, W. Galen Weston, Chief Executive Officer of Loblaw Companies Limited. The appointment came at a time when Loblaws appeared all but bankrupt, with its share of the crucial Ontario market cut in half as a result of price wars among the major chains. At the same time, the company found its hands tied by leaseback agreements that prevented it from closing money-losing stores. With few assets, Loblaw was also deeply in debt. In spite of all the problems, though, Galen Weston felt that Loblaws had the potential to be the nucleus of one of the finest retailers in Canada. "As a 200 store chain, we didn’t look very good. As a 100 store chain, Loblaws looked very good indeed."