Feb. 23, 2012, Boucherville, Que. —Home improvement and gardening
retailer Rona Inc. says it plans to close 10 big box stores by the end
of this year as the company moves to shore up its bottom line.
Feb. 23, 2012, Boucherville, Que. —Home improvement and gardening retailer Rona Inc. says it plans to close 10 big box stores by the end of this year as the company moves to shore up its bottom line.
Rona did not say how many net jobs might be affected by the move, since it also plans to start opening 25 smaller stores focusing on more personalized customer service.
Rona CEO Don Dutton said on a conference call that the company wants to give its employs the news before it makes public the locations, number of employees involved or other information related to the closures.
The Quebec-based chain posted a loss of more than $151 million in the fourth quarter as the company took restructuring charges on its books to reflect weak markets.
Dutton said the new stores are expected to add to Rona’s pre-tax earnings by 2014. The Montreal-area company said its fourth-quarter loss compared with a profit of about $20 million a year earlier.
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