Home improvements retailer Lowe’s has announced it is to close 34 underperforming stores across Canada in a bid to optimise its network.
The announcement follows after the company conducted a detailed strategic review of its operations. The decision is said to allow the retailer to increase performance and strengthen its presence.
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The 34 underperforming stores include 26 RONAs, six Lowe’s and two Reno-Depots, which are located in British Columbia, Alberta, Saskatchewan, Ontario, Quebec and Nova Scotia.
The store closures will occur between 31 January and 19 February 2020.
Lowe’s Canada interim president Tony Cioffi said: “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.
“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.
“It also means investing in our omnichannel and supply chain capabilities, our web platforms, and our existing corporate stores and affiliated dealer network.”
Lowe’s Canada said it will support the employees affected by this decision during the transition period and retain eligible employees by offering transfers to a nearby store.
The retailer noted that it will also start an online and parcel delivery service, and has decided to reduce multiple store banners.
