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Rona closing 11 stores in Ontario, B.C., cutting 125 regional administrative jobs
BOUCHERVILLE, Que. – Rona Inc. (TSX:RON) has announced plans to close 11 unprofitable stores and cut more administration jobs as cost-cutting and restructuring efforts continue.
Eight of the stores are in Ontario and three are in British Columbia.
It’s the latest move by the Quebec-based home improvement retailer to restructure its business.
Among other things, Rona announced Thursday that it told employees last week that 125 more jobs will be eliminated in four administration centres across Canada.
That’s in addition to 200 administrative positions that were announced in February.
Last week, Rona announced plans to sell its commercial and professional market division for about $215 million.
The company is aiming to reduce annual operating expenses by $110 million but it will record up-front costs and accounting measures in its second quarter.
Rona says it will record $220 million of adjustments related to the restructuring during the quarter, of which $195 million will be non-cash items.
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