RONA Inc. getting rid of 500 jobs across Canada, citing ‘new market realities’

BOUCHERVILLE, Que. –

RONA Inc. says it is eliminating 500 jobs throughout Canada in a bid to simplify its organizational construction.

The Boucherville, Que.-based dwelling enchancment retailer says in a press launch Thursday night that it wanted to adapt to mirror new market realities amid a slowing financial system.

The Canadian financial system has been exhibiting some indicators of weak spot amid increased rates of interest because the central financial institution seeks to quell inflation.

However, GDP grew at an annualized fee of three.1 per cent within the first quarter, beating expectations.

The Canadian client has confirmed resilient amid tightening situations, with family spending serving to to buoy the financial system’s development within the first quarter.

In November, Lowe’s introduced it was promoting its Canadian retail business, together with RONA, to New York-based non-public fairness agency Sycamore Partners.

RONA says it operates or companies round 425 company and affiliated shops underneath completely different banners throughout the nation. It says it has 22,000 workers.

The firm says selections like these are by no means taken flippantly, and it’ll assist affected workers all through the transition.

This report by The Canadian Press was first revealed June 15, 2023.