Rona and Lowe's stores to close in northeastern Ontario

Rona and Lowe's stores to close in northeastern Ontario

Lowe's announced today that the company would be closing more than 50 stores across North America.

The company says some of the affected workers will be offered positions at other Lowe's stores.

Ellison told investors in August that the smaller OSH stores were not running well and could never become a big part of Lowe's overall business.

Lowe's CEO said affected employees will have the opportunity to transfer to neighboring Lowe's stores.

Lowe's is closing dozens of stores across the continent next year.

Nine store closures are expected across Ontario along with 31 Canadian stores that will be shutting their doors by February 1, 2019.

The retailer announced it will close 20 stores in the United States and 31 in Canada. It did not identify which stores those are.

Based in Boucherville, Que., Lowe's Canadian business has more than 630 corporate and independent affiliate dealer stores. Last year, Home Depot's revenue hit more than $100 billion, while Lowe's sales were below $70 billion. During his time at Penney, the retailer closed 142 unprofitable stores.

Ellison has also initiated some major shakeups in the company's executive leadership ranks. Other high-profile positions were eliminated and replaced with other roles that report to the CEO. The priority for Lowe's right now, he said, is improving basic "retail fundamentals".

In a release, the company said the locations are underperforming.

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