News

Lowe’s to close 31 stores, including Rona locations, in Canada

Lowe’s to close 31 stores, including Rona locations, in Canada
Canada
Lowe’s Companies Inc is closing 20 underperforming stores in the United States and 31 in Canada as part of a restructuring, the home improvement retailer said on Monday.

Lowe’s, which has trailed Home Depot in sales for years, is in the midst of a turnaround under new Chief Executive Officer Marvin Ellison, who has promised to remove slow-selling products and end unsuccessful ventures.

The closures include 27 mostly Rona stores in Canada including nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia.

The company is already shuttering its Orchard Supply chain of 99 stores, leading to between $390 million and $475 million in write-downs.

Lowe’s, which operates over 2,000 stores in North America, said the latest store closures would be complete by February.

“The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” Ellison said in a statement.
Read more on globalnews.ca
News Topics :
Similar Articles :
Business
Lowe’s Companies Inc is closing 20 underperforming stores in the United States and 31 stores and other locations in Canada as part of a restructuring, the home improvement retailer said...
Canada
Another 17 stores in Quebec will be converted in 2019 once it adopts a new French language information technology system that will then be rolled out to existing Lowe’s stores. Lowe’s...
Canada
Lowe s Companies Inc. is closing 31 underperforming stores in Canada, including its Rona locations, and 20 in the United States as part of a restructuring, the home improvement retailer...
Business
MONTREAL – Lowe’s is blaming its lowered earnings outlook for 2016 on the acquisition of Rona , but says it’s on track to double the Canadian chain’s profitability within five...
Canada
Thirty one Rona and Lowe’s hardware stores are closing in 2019, the company announced Monday during a “strategic reassessment.” The company named 27 affected stores are from New Westminster, B.C., Calgary,...