Money: Lowe's says they will close 34 underperforming stores across six provinces - - PressFrom - Canada
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Money Lowe's says they will close 34 underperforming stores across six provinces

16:25  20 november  2019
16:25  20 november  2019 Source:   msn.com

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All of the impacted Lowe ' s stores are expected to close by Feb. 1, and two New York city stores will close immediately, with their inventory moved to nearby locations, Lowe ' s said in a news release. "While decisions that impact our associates are never easy, the store closures are a necessary step

Lowe ' s to close 51 underperforming stores in U.S., Canada. Lowe ' s said Monday's announcement would result in charges of 28 cents to 34 cents per share, or 0 million to 5 The 20 U.S. closures are spread across states including New York, Texas and California, with 31 outlets

a group of people walking in front of a store © Provided by Canadian Press Enterprises Inc

BOUCHERVILLE, Que. — Lowe's Companies Inc. says 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.

He said the restructuring also includes investment in its supply chain capabilities, web platforms, and existing corporate stores and affiliated dealer network.

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Lowe ' s will close 51 underperforming stores in North America, the company announced Monday. The move – which includes the closure of 20 stores “While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on

Lowe ’ s is closing nearly 50 underperforming stores across the U.S. and Canada. The Mooresville-based home improvement retailer announced early Monday that it will shut The store closures are expected to reduce the company’s annual earnings by 28 to 34 cents per diluted share, Lowe ’ s said .

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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.

North Carolina-based Lowe's bought Rona in 2016 in a deal valued at $3.2 billion.

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.

‘It’s a private company’: Quebec politicians lament Rona cuts, but acknowledge little can be done

  ‘It’s a private company’: Quebec politicians lament Rona cuts, but acknowledge little can be done Quebec politicians appeared out of options on Wednesday as the American hardware giant Lowe’s Cos. Ltd. announced another series of cuts to the made-in-Quebec home improvement chain Rona Inc. Quebec’s economy and innovation minister, Pierre Fitzgibbon, lamented a weakening in Quebeckers’ emotional attachment to the Rona brand amid a series of store closures and layoffs dictated by the retailer’s U.S. parent. Lowe’s, which bought Rona in 2016, announced plans on Wednesday to shutter 34 of its “underperforming” stores in Canada by early 2020, 26 of them Rona stores. That follows 60 layoffs at the company’s Canadian headquarters in Boucherville, Que.

The company said most employees at the affected stores will have opportunities to “transition to a similar role” at a nearby Lowe ’ s location.

Lowe ' s expects to close the impacted stores by the end of the company's 2018 fiscal year (Feb. To facilitate an orderly wind-down, the company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the U.S., which will close immediately.

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.

This report by The Canadian Press was first published on Nov. 20, 2019.

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