Cambridge RONA among 34 stores to close across Canada

Lowe's raises profit forecast shares gain

A Lowe's retail store is shown in Carlsbad CaliforniaMore

Lowe's Canada announced they're going to shutter 34 underperforming stores across the country.

The company plans to move its Canadian information technology platform to the U.S.

North-Carolina-based Lowe's bought Rona in 2016 at a deal valued at $3.2 billon.

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A Lowe's Home Improvement store is located on the other side of Pinebush Road from the RONA. To see the exact store locations and closure dates, go here.

Other obstacles are industry-wide as Canadians put off big purchases amid historically high debt-to-income ratios and whispers of a recession. He added the home-improvement retailer past year offered a lot of site-wide promotions that "gave a lot of value to the customers", but "little value to the shareholders and to the company from a profit perspective". It remains in the midst of a catch-up period against Home Depot "after underperforming for several years", said Elizabeth Suzuki, an analyst at Bank of America Merrill Lynch.

In Canada, the company has more than 28,000 employees, while its independent affiliate dealers operating under the Rona and Ace name have another 5,000 employees.

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Another six stores are closing early next year in Alberta, one in Saskatchewan and nine in Ontario.

Paulo Gallo, Store manager (left) and Jeff Boyd, V.P. of real estate, construction and store design for Lowe's Canada (right) hold a board as MLA Laura Ross does a ceremonial board cutting at the grand opening of Lowe's second Regina store in the Northgate Mall.

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The company did not say how many employees might lose their jobs as a result of the closures.

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