Lowe’s Canada to close 34 stores

The company plans to "simplify" its banners, change its assortment and focus investment on omnichannel and remaining stores.
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Lowe’s Canada has announced plans to further restructure its Canadian operations, closing 34 stores it has identified as “underperforming” in order to focus its strategy on efficiency.

The company will be closing six Lowe’s locations, two Reno-Depots and 26 Rona stores in January and February of next year. The stores are located in six provinces, though the most closures are happening in Quebec, with 12.

Though it did not provide more detail, Lowe’s said in a release announcing the closures that it would also be simplifying multiple store banners to drive efficiency and changing its product assortment to give customers “a more coordinated offering.” It will also be reorganizing its corporate structure “to better support store and customer needs.”

The company currently owns more than 400 Rona stores and outlets, with 21 Reno-Depot locations and 67 Lowe’s stores.

Tony Cioffi, interim president of Lowe’s Canada, said the store closures would help “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,” he said. “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.”

Cioffi, previously EVP of finance, real estate and dealers at Lowe’s Canada, has been acting as interim president since Sylvain Prud’homme announced his retirement last month.

The announcement comes just over a year after it announced the closing of 31 locations last November. However, since then, the company has also opened a small number of new locations, brought more family-owned hardware stores under the Rona banner and renovated several locations.