Home renovation chain Lowe’s Canada has announced that it is closing 34 underperforming stores, including 26 Rona store locations.
The move comes following a strategic review of the North Carolina-based retailer’s operations. Lowe’s, which acquired Quebec-based Rona Inc. in 2016 in a deal valued at $3.2 billion, said eligible employees affected by the closures will be offered the chance to transfer to a nearby store.
It’s not the first time that Lowe’s has announced mass store closures in Canada. In November 2018, Lowe’s said it would shutdown 31 Canadian locations by February 2019. Lowe's has more than 600 corporate and independent affiliate stores under the Lowe's, Rona, Reno-Depot, Ace and Dick's Lumber brands in Canada, along with seven distribution centres.
“While making decisions that impact our associates and their families is never easy, 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, President of Lowe's Canada, in a news release.
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