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.

Just Posted

Snowfall warning continues for parts of B.C.’s Interior

First significant snowfall of the season prompts Environment Canada warning

Northwest B.C. wildlife shelter rescues particularly tiny bear cub

Shelter co-founder says the cub weighs less than a third of what it should at this time of year

Former Burns Lake mayor gets two years for sexual assaults against minors

Banned from taking work involving young people for five years

Prince Rupert man who killed foster parents in 2017 receives three-year sentence

A Prince Rupert man convicted in the deaths of his foster parents… Continue reading

Residents celebrate local businesses at annual parade

Photos: 2019 Moonlight Madness in Fort St. James

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Bear raids freezer, gorges on Island family’s Christmas baking

Hungry bruin virtually ignored meat and fish, focused, instead, on the sweets

B.C. pharmaceutical company’s stocks double in value after successful lupus drug trial

More than 40 per cent of patients using voclosporin saw improvements in kidney function

Second warning on romaine lettuce from California region as another E. coli case reported

Two cases of E. coli have been reported in relation to the illness in the U.S.

Coastal GasLink receives first delivery of pipe sections

Company expects to begin welding and pipe laying in 2020

Residents in B.C. city could face 133% tax hike in ‘worst case’ lawsuit outcome: report

An average home could see a tax increase of $2,164 in one year

B.C. Transit finds 28 used fareboxes online, saves $300,000

‘Someone joked maybe we can buy used fareboxes on eBay,’ CEO says

Many of Canada’s working poor can’t afford lawyers, don’t qualify for legal aid

One lawyer says many people earn too much to qualify for legal aid, but not enough to really live on

Most Read