Lowe's says they will close 34 underperforming stores across six provinces
The Canadian Press
Published Wednesday, November 20, 2019 8:12AM EST
Last Updated Wednesday, November 20, 2019 8:59AM EST
BOUCHERVILLE, Que. -- Lowe's Companies Inc. says it will close 34 underperforming stores across six provinces as part of a restructuring of its Canadian business.
The stores include 26 Ronas, six Lowe's and two Reno-Depots spread across British Columbia, Alberta, Saskatchewan, Ontario, Quebec, and Nova Scotia.
"Closing underperforming stores is a necessary step in our plan to ensure the long-term stability and growth of our Canadian business," said Tony Cioffi, interim president of Lowe's Canada in a statement.
He said the restructuring also includes investment in its supply chain capabilities, web platforms, and existing corporate stores and affiliated dealer network.
The closures, set for early next year, add to its announced closure of 31 Canadian locations, including 27 stores and four other facilities, in November last year.
North Carolina-based Lowe's bought Rona in 2016 in a deal valued at $3.2 billion.
Lowe's did not say how many staff would be affected by the latest round of closures, which will see stores close in January and February.
The company says eligible employees will be offered jobs at nearby stores, given its need for workers throughout its network.
In Canada, the company has more than 28,000 employees, while its independent affiliate dealers operating under the Rona and Ace name have another 5,000 employees.
The Canadian division of Lowe's has more than 600 corporate and independent affiliate stores under the Lowe's, Rona, Reno-Depot, Ace and Dick's Lumber brands.
This report by The Canadian Press was first published on Nov. 20, 2019.