Home improvement retailer RONA is cutting 500 jobs across Canada as it restructures amid slumping sales.
The Boucherville, Quebec-based company said that it is adapting its operations to a slowing economy.
While the Canadian economy has slowed a little due to higher interest rates and inflation, it expanded at an annualized 3.1% in this year’s first quarter, beating economists’ expectations.
RONA operates 425 corporate and affiliated stores under different banners across the country and has 22,000 employees nationwide.
RONA is a privately held company. In November 2022, U.S. home improvement retailer Lowe's (LOW) sold RONA to New York-based private equity firm Sycamore Partners.
