FILE - In this Nov. 14, 2011 file photo, customers walk toward the Lowe’s store in Saugus, Mass. Lowe’s Cos. (LOW) on Wednesday, Nov. 20, 2019, reported fiscal third-quarter net income of $1.05 billion. (AP Photo/Michael Dwyer/File)

Lowe’s says it will close 34 ‘underperforming’ stores across six provinces

The stores include 26 Ronas, six Lowe’s and two Reno-Depots

Lowe’s Companies Inc. said Wednesday 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.

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.

Cioffi 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. At the time the company also announced the closure of 20 stores in the U.S.

The North Carolina-based company has been undergoing a wider restructuring since Marvin Ellison stepped into the CEO role in July of last year.

Lowe’s third quarter earnings of US$1.05 billion, or US$1.36 per share, beat the US$1.35 per share that analysts surveyed by Zacks Investment Research.

The company also boosted its full-year adjusted earnings outlook, in contrast to its larger rival Home Depot that missed analyst expectations and cut its full-year sales forecast Tuesday.

Lowe’s bought Rona in 2016 in a deal valued at $3.2 billion.

Ad Standards, the advertising industry’s self-regulatory body, said earlier this month that the company should stop using the phrases ”truly Canadian” and “proudly Canadian” on its store signs as they were misleading. The company said it “strongly disagrees” with the conclusion.

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.

ALSO READ: Forever 21 fashion chain closing all Canadian stores

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Central zone has 20 active cases of COVID-19

Province identified 143 new cases across Alberta on Wednesday

Sylvan Lake Municipal Library going waste free with new program

The Zero Waste DIY program begins on Sept. 26 at 2 p.m. on Zoom

COVID-19: Active cases in central zone up Tuesday

Central zone active cases remains lowest of all zones

Small force of locals team up for Sylvan Lake Underwater Cleanup

The annual cleanup was focused on getting an much garbage out of the lake as possible

Central zone active cases down to 20

Province provides update

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

Liberal effort to reset policy agenda panned by rivals as too much talk, not action

Trudeau said it’s ‘all too likely’ families won’t be able to gather for Thanksgiving next month

Grand jury indicts police officer in Breonna Taylor death

Officer Brett Hankison was charged with three counts of wanton endangerment

Missionary plane dedicated at Ponoka, Lacombe airports

MiracleAir flies humanitarian missions to Nicaragua

RCMP investigating after far-right groups disrupt anti-racism rally in Alberta

Red Deer Mayor Tara Veer said she respects the right of peaceful assembly, but denounces racism and violence

Refresh of Liberal government’s agenda comes amid new looming COVID-19 crisis

Lockdowns saw fed spending soar to historic levels in effort to offset pandemic’s blow to Canadians’ livelihoods

Public health officials urge Canadians to limit contacts again as COVID-19 cases rise

Canada has committed $1 billion to buy at least 154 million doses of vaccines from five different companies

Majority of Canadians support wearing masks during COVID-19, oppose protests: poll

Nearly 90 per cent felt wearing a mask was a civic duty because it protects others from COVID-19

Most Read