Lowe's Canada closing 34 'underperforming' stores, including locations in Brockville and Cornwall

Share

Lowe's Canada announced on Thursday they will be shutting down 34 "underperforming stores" across the country.

Interim president of Lowe's Canada Tony Cioffi said it was a hard decision, but necessary to ensure long-term stability.

The closures will affect 26 RONA locations, six Lowe's stores and two Reno-Depot brands.

Despite the closures, Lowe's chief executive Marvin Ellison said in a statement that the company is "committed to the Canadian market" and is taking "decisive action to improve the performance and profitability" in Canada.

The closures come following an announcement of 31 locations being shut down in November of previous year. At the time the company also announced the closure of 20 stores in the U.S. He added the home-improvement retailer a year ago offered a lot of site-wide promotions that "gave a lot of value to the customers", but "little value to the shareholders and to the company from a profit perspective".

Suzuki cited encouraging metrics such as sturdy household balance sheets, solid home sales "and economic drivers that are tied to renovation activity". Blue even has a little Lowe's vest that he wears.

This year, Lowe's is planning Black Friday and Cyber Monday offerings which include select buy-one-get-one-free deals for DeWalt, Cobalt, Bosch and Craftsman, and the opportunity to receive a gift card when buying at least two major appliances. Tactics like a permanently staffed "pro-desk" and dedicated parking spaces for professionals have helped the company build up its base of home reno professionals to almost one-quarter.

The locally-owned Guelph RONA store is not among those being shut down by home improvement giant Lowe's Canada.

The company said it chose to close the stores after conducting a strategic review aimed at improving sales performance and profitability.

Lowe's third-quarter earnings of US$1.05 billion, or US$1.36 per share, beat the US$1.35 per share that analysts surveyed by Zacks Investment Research.

Share