A North Carolina–based home-improvement giant is the latest retailer to announce cutbacks.
Lowe's Companies Inc. will close 34 stores in Canada, including 26 Rona outlets, which the parent firm described as "underperforming".
The Rona stores that will close in B.C. are at 6965 King George Boulevard in Surrey, 6014-51 Street in Osoyoos, and 2999 Massey Drive in Prince George.
“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,” Lowe's Canada interim president Tony Cioffi said in the statement. “We are taking decisive action to build a healthy business which will provide us with the flexibility to reinvest in our future growth.”
In addition to the Rona store closures, the company is shuttering six Lowe's and two Réno-Dépôts in Canada.
In 2016 Lowe's bought Rona, which was previously Quebec-owned.
In a statement to investors today, the corporation said that it's undertaking a process "to simplify multiple Canadian store banners to drive efficiency and reduce operational complexity".
The parent corporation is traded on the New York Stock Exchange and generated sales of US$71.3 billion last year.
Today, it reported net earnings of US$1 billion on sales of US$17.4 billion in the most recent quarter.