RONA Inc. cuts 500 jobs across Canada, citing ‘new market reality’
BOUCHERVILLE, Que. – RONA Inc. says it is cutting 500 jobs across Canada to simplify organizational structure.
The in Boucherville, Que. established home improvement retailer says in a press release Thursday evening that it has had to adapt to the new market realities amid a slowing economy.
The Canadian economy is showing signs of weakness amid higher interest rates as the central bank tries to curb inflation.
However, GDP grew at an annualized rate of 3.1 percent in the first quarter, exceeding expectations.
Canadian consumers have proven resilient in a tight environment, with household spending supporting the economy’s growth in the first quarter.
In November, Lowe’s announced it would sell its Canadian retail operations, including RONA, to New York-based private equity firm Sycamore Partners.
RONA says it operates or serves approximately 425 corporate and affiliate stores under various banners across the country. It says it has 22,000 employees.
The company says such decisions are never taken lightly and it will support affected employees through the transition.
This report from The Canadian Press was first published on June 15, 2023.
