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

COVID-19: Daily update on the pandemic in Surrey, White Rock and beyond

APRIL 1: Surrey’s two largest hotels close, BC Hydro offers bill credit

Claiming she has COVID-19, stranger coughs in Cloverdale woman’s face

Clayton Heights woman will now self-isolate for the next two weeks

White Rock/South Surrey experts launch website of mental-health resources

Together White Rock/South Surrey aims to help ease the search for supports

Surrey’s two largest hotels are now closed due to COVID-19; room bookings plummet elsewhere

Guildford’s 77-room Four Points property remains open with ‘minimum amount of business,’ GM says

B.C. couple celebrates 61st anniversary through seniors’ home window

Frank and Rena Phillips marked occasion at Nanaimo Seniors Village this week while social distancing

A look at some of the B.C. inventors creating life-saving tools in fight against COVID-19

Groups across B.C. are working together to create what they hope will help people affected by the pandemic

Association launches French-language games, online tools for families learning at home

Games, culture and vocabulary included in new virtual resources

‘There can be no ambiguity’: Travellers brought home to B.C. must self-isolate

Health Minister Adrian Dix said the mandatory isolation must be abided by

55+ BC Games cancelled amid COVID-19 concerns

Greater Victoria set to host 2021 event

BC Hydro offers three-month bill ‘holiday’ for those affected by COVID-19

Industrial customers can defer half of their power bills

VIDEO: Dog missing in Lower Mainland since winter sees his family again for the first time

Aldergrove helped find Buster, says dad, who has now witnessed ‘the power of social media’

Some April Fool’s Day jokes bring much-needed laughter; others tone deaf to COVID-19

Police are warning the public not to use the ongoing pandemic as a punchline

Canada’s 75% wage subsidy is coming, but not for several weeks: finance minister

Subsidy will cost Canada $71 billion, but push down cost of emergency benefit, Morneau said

Most Read

l -->