The company will also restructure corporate staff to better support store and customer needs

BOUCHERVILLE, QC, Nov. 20, 2019 /CNW Telbec/ - Following a detailed strategic review of its operations, Lowe's Canada is announcing the following actions to improve performance and better position itself for the future:

• Closing 34 underperforming stores to optimize its network;
• Undertaking a process to simplify multiple store banners to drive efficiency and reduce operational complexity;
• Reorganizing the corporate support structure across the country to better support store and customer needs; and
• Rationalizing the product assortment to present a more coordinated offering to Canadian customers.

"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," declared Tony Cioffi, Interim President of Lowe's Canada. "We are taking decisive action to build a healthy business which will provide us with the flexibility to reinvest in our future growth. 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. Our objective continues to be providing our Canadian customers with the right products and the best service and value across every channel, for the long term."

The employees affected by these changes will be supported throughout the transition. Given the existing need for personnel throughout the Lowe's Canada network, eligible employees will be offered the opportunity to transfer to a nearby store.

Lowe's Canada will continue serving customers from markets affected by the closures via other corporate and affiliated dealer stores from its network, as well as its online offering and parcel delivery service.

About Lowe's Canada

Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE^® 50 home improvement company serving more than 18 million customers a week in the United States and Canada. With fiscal year 2018 sales of $71.3 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Boucherville, Quebec, Lowe's Canadian business, together with its wholly owned subsidiary, RONA inc., operates or services more than 600 corporate and independent affiliate dealer stores in a number of complementary formats under different banners. These include Lowe's, RONA, Réno-Dépôt, Ace and Dick's Lumber. In Canada, the companies have more than 28,000 associates, in addition to approximately 5,000 employees in the stores of independent affiliate dealers operating under the RONA and Ace banners. For more information, visit lowescanada.ca.

SOURCE Lowe's Canada

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