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)

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

Crews had a lot to clean up and they are still working (file photo)
Power restored for the Valley after winter storm

All Bella Coola customers are now out of the dark

Highway 20 is now open but conditions are still challenging (Dawson Road Maintenance photo)
Some customers still without power as additional crews brought in to help

Trees continued to fall onto lines even after the actual storm had passed

The exposure occurred on 24th, 25th, & 26th November 2020, and affects Grade 7, 8, 9, 10 (file photo)
COVID-19 case confirmed at Acwsalcta School

The exposure occurred on 24th, 25th, & 26th November 2020, and affects Grade 7, 8, 9, 10.

A convoy of vehicles passes through Heckman Pass on Highway 20 as cleanup operations continued Saturday. Dawson Road Maintenance is asking motorists to watch for crews and equipment working throughout the area. (Dawson Road Maintenance photo/Facebook)
Highway 20 reopens between Anahim Lake and Bella Coola after winter storm Friday

“We appreciate your patience as we continue to clear wood debris and widen sections of the road.”

Motorists wait to enter a Fraser Health COVID-19 testing facility, in Surrey, B.C., on Monday, Nov. 9, 2020. THE CANADIAN PRESS/Darryl Dyck
Another 694 diagnosed with COVID-19 in B.C. Thursday

Three more health care outbreaks, 12 deaths

Ten-month-old Aidan Deschamps poses for a photo with his parents Amanda Sully and Adam Deschamps in this undated handout photo. Ten-month-old Aidan Deschamps was the first baby in Canada to be diagnosed with spinal muscular atrophy through Ontario’s newborn screening program. The test was added to the program six days before he was born. THE CANADIAN PRESS/HO, Children’s Hospital Eastern Ontario *MANDATORY CREDIT*
First newborn tested for spinal muscular atrophy in Canada hits new milestones

‘If Aidan had been born any earlier or anywhere else our story would be quite different’

A demonstrator wears representations of sea lice outside the Fisheries and Oceans Canada offices in downtown Vancouver Sept. 24, demanding more action on the Cohen Commission recommendations to protect wild Fraser River sockeye. (Quinn Bender photo)
First Nations renew call to revoke salmon farm licences

Leadership council implores use of precautionary principle in Discovery Islands

(Pixabay)
Canadians’ mental health has deteriorated with the second wave, study finds

Increased substance use one of the ways people are coping

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A coal-fired power plant seen through dense smog from the window of an electric bullet train south of Beijing, December 2016. China has continued to increase thermal coal production and power generation, adding to greenhouse gas emissions that are already the world’s largest. (Tom Fletcher/Black Press)
LNG featured at B.C. energy industry, climate change conference

Hydrogen, nuclear, carbon capture needed for Canada’s net-zero goal

An RCMP officer confers with military rescuers outside their Cormorant helicopter near Bridesville, B.C. Tuesday, Dec. 1. Photo courtesy of RCMP Cpl. Jesse O’Donaghey
Good Samaritan helped Kootenay police nab, rescue suspect which drew armed forces response

Midway RCMP said a Good Samaritan helped track the suspect, then brought the arresting officer dry socks

People line up at a COVID-19 assessment centre during the COVID-19 pandemic in Scarborough, Ont., on Wednesday, December 2, 2020. Toronto and Peel region continue to be in lockdown. THE CANADIAN PRESS/Nathan Denette
COVID-19 vaccine approval could be days away as pressures mount on health-care system

Many health officials in regions across the country have reported increasing pressures on hospitals

Most Read