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One of Rona’s two Kingston stores closing
05 November 2018, 04:58 | Hattie Nash
Lowe’s closing underperforming stores
The Mooresville-based home improvement retailer announced early Monday that it will shut down 20 stores in the US and 31 in Canada in an effort to "focus on its most profitable stores and improve the overall health of its store portfolio".
The stores off Corunna Road in Flint Township and Court Street in Burton are among twenty underperforming locations across the USA being shut down.
The company says it will give associates opportunities to transition to other stores.
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The closures include 27 mostly Rona stores in Canada including nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia.
Lowe's (LOW) is shutting down 20 stores in the USA and 31 in Canada. Even in his first few months as the new CEO of Lowe's, Ellison has taken a number of steps to improve the company's financial health.
"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.
Lowe's also plans to close its regional support centres in Mississauga, Ont., and St. John's, N.L., as well as a truss plant in St. John's, N.L., and a block plant in Kamloops, B.C. Others and the Canadian stores are expected to close by February 1, the end of the company's fiscal year.
The company is already shuttering its Orchard Supply chain of 99 stores, leading to between US$390 million and US$475 million in write-downs.
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