Published: Mon, November 05, 2018
Finance | By Jaime Brady

Lowe's to close nine mostly RONA stores in Ontario

Lowe's to close nine mostly RONA stores in Ontario

Marie.as well as a relatively new Lowe's location in the Soo is set to close as the company focuses on its most profitable stores to improve the overall health of its store portfolio, it said in a news release.

The company says the closings are part of the company's strategic reassessment.

"The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business", Ellison said in a statement.

Lowe's will offer affected employees the opportunity to transfer to similar roles at nearby stores.

Lowe's on Thomas Burgin Parkway in Quincy is the only store in MA impacted by the closures.

The stores are expected to close before February 1, 2019.

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Lowe's opened the Cornwall location at 950 Brookdale Avenue in 2016 - the same year it bought competitor Rona. During his time at Penney, the retailer closed 142 unprofitable stores.

Lowe's Canadian business is based in Boucherville, Que. and has more than 630 corporate and independent affiliate dealer stores.

In total, the company is closing 27 under-performing Rona stores and four Lowe's locations and blamed lagging sales for the decision.

According to Lowe's, the locations are underperforming, and a "majority" are within ten miles of another Lowe's location. The company signed a 15-year lease with Ashkenazy Acquisition Corporation for the property, replacing sections of now-closed Macy's.

The company will announce third-quarter earnings on November 20.

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