Rona and Lowe's stores to close in northeastern Ontario
Nov 05 2018
The location in Granite City, 1333 Schaefer Rd, is on the list of stores that will be shut down by February 1, 2019.
To facilitate an orderly wind-down, the company said it intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the US, which will close immediately.
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.
Hilco Merchant Services has partnered with the retailer to help manage the process in the U.S.
Despite a strong housing market that's benefited the home-improvement retail industry, Lowe's has still trailed its larger competitor, Atlanta-based Home Depot.
The company cut its sales and profit outlook for the year. Lowe's said Monday's announcement would result in charges of 28 cents per share to 34 cents per share or $300 million to $365 million in pre-tax expenses.
Under Ellison, the company has also eliminated four senior positions, while creating two new senior roles for stores and supply chain.
That includes, for instance, retooling inventory to ensure popular products are always in stock, and that Lowe's clears out unpopular products that gather dust on the shelves.
Sylvain Prud'homme, chief executive of Lowe's Canada, did not say how many employees would be affected by the closures, but said the changes will allow the company to improve collaboration between its banners to better serve customers.