Times are tough for retail landlords and Lowe’s Canada announced Wednesday that it is axing stores to protect the long-term stability of its Canadian operations.
The home improvement retailer will close 34 stores across the country, including 26 Ronas, 6 Lowe’s, and 2 Reno-Depots.
"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," declared Tony Cioffi, Interim President of Lowe's Canada.
It will also undertake some restructuring of remaining outlets to maximize its portfolio and product offering.
"We are taking decisive action to build a healthy business which will provide us with the flexibility to reinvest in our future growth. This includes having a clear strategy for our banners, built on the strength of our Lowe's, RONA and Reno-Depot brands,” added Cioffi. “It also means investing in our omnichannel and supply chain capabilities, our web platforms, and our existing corporate stores and affiliated dealer network. Our objective continues to be providing our Canadian customers with the right products and the best service and value across every channel, for the long term."
Some employees affected by the closures may be able to transfer to other locations while others will be supported through the transition.
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