The RONA on McConnell Road off Sumas Way in Abbotsford will close its doors to the public on Oct. 20. as part of the company’s efforts to improve profitability.
RONA issued a press release on Thursday, announcing that 11 non-profitable stores – eight in Ontario and three in B.C. – will be closed by the end of the year.
The restructuring of the company also includes a reduction of 125 jobs in the four administrative centres in Canada, in addition to 200 jobs that were cut in February.
RONA stated that it also recently sold its commercial and professional market division for $215 million, the proceeds of which will be used to reduce debt.
The release states that RONA is aiming for an annualized savings of $110 million, with plans to reinvest 30 per cent of the amount to put in place an “energetic recovery plan for under-performing stores.”