Lowe's Canada
Lowe's Canada, Inc. was the Canadian subsidiary of American home improvement chain Lowe's.[3]
| Company type | Subsidiary |
|---|---|
| Predecessor | Mr. L.S. Lowe's North Wilkesboro Hardware |
| Founded | December 10, 2007 in Hamilton, Ontario, Canada |
| Founders |
|
| Defunct | December 7, 2023 (website) February 29, 2024 (stores) |
| Fate | Converted into Rona+, some stores closed (mainly former RONA Home & Garden locations) |
| Successor | Rona+ |
| Headquarters | Etobicoke, Toronto, Ontario, |
Number of locations | More than 470 with subsidiaries |
Areas served | |
Key people | Marvin R. Ellison (CEO)[1] |
| Products | Home appliances, tools, hardware, builders hardware, lumber, building materials, paint, plumbing, flooring, garden supplies, plants, housewares, furniture, home decor, bedding, and curtains |
| Revenue | CA$22445 (2023 02/03)[2] |
| CA$1669 (2023 02/03)[2] | |
| CA$955.9 (2023 02/03)[2] | |
| Total assets | CA$43708 (2023 02/03)[2] |
| Total equity | CA$-14254 (2023 02/03)[2] |
Number of employees | 26,000 employees |
| Website | lowes |
The Lowe's chain began an expansion into Canada in 2007, beginning with locations in Ontario, and later expanding into other provinces. In 2016, the company acquired its Canadian rival Rona Inc. for CDN$3.2 billion, assuming control of its store banners and relocating its operations to Rona's headquarters in Boucherville, Quebec. Some of Rona's locations were converted to the Lowe's banner.
In November 2022, Lowe's announced that it would sell its Canadian operations to Sycamore Partners for $400 million. Following the completion of the sale in 2023, Sycamore began to phase out the Lowe's brand in Canada, replacing it with the new Rona banner Rona+.
History edit
The first store outside the United States was in Hamilton, Ontario, Canada.[4] According to its website, Lowe's has operated/serviced more than 2,355 locations in the United States, Canada, and Mexico alone,[5] although the Mexican stores were closed in the late 2010s.[6]
Lowe's opened its first three stores in Canada on December 10, 2007, in Hamilton, Brampton and Brantford. On February 1, 2008, they opened three more stores in Toronto, East Gwillimbury, and a second store in Brampton as well as a new location in Maple (Vaughan).[7] Lowe's also expanded into western Canada, starting with three new stores in Calgary, Alberta. One of the three locations opened in late September 2010. The other two opened by early 2011. In 2018 Lowe's had 62 locations in Canada, with stores in British Columbia, Manitoba and Saskatchewan. Each store represented an average investment of $20.5 million (US$20.4 million).[8]
In February 2013, Lowe's Canada hired former Walmart Canada and Loblaw Companies executive Sylvain Prud'homme as CEO.[9]
On May 11, 2015, Lowe's Canada announced that it would acquire the leases of 13 former Target Canada stores, as well as an Ontario distribution centre, for $151 million.[10]
In 2012, Lowe's attempted to buy Rona, Inc., a Quebec-based hardware chain. However, the deal was met with objections from Rona shareholders (particularly the Caisse de dépôt et placement du Québec) and operators of its franchised locations over concerns that the company could centralize its supply operations in the United States, and was eventually called off.[9]
On February 3, 2016, Rona announced that it had accepted an offer to be acquired by Lowe's for CDN$3.2 billion, pending regulatory and shareholder approval. The division would remain under the leadership of Sylvain Prud'homme but would be operated out of Rona's headquarters in Boucherville. Lowe's maintained Rona's retail banners, "key" executives, and the "vast majority of its current employees" post-acquisition.[11] 40 Rona Home & Garden locations in large markets were to be converted to the Lowe's banner.[12]
In November 2022, Lowe's agreed to sell its Canadian operations to the private equity firm Sycamore Partners for $400 million, including the Lowe's locations and Rona's banners.[13][14] It was stated that the Lowe's brand would be discontinued and replaced with Rona.[15][14] The sale was completed on February 3, 2023.[16] On July 27, 2023, Rona began transitioning Lowe's Canada locations to the new store banner Rona+.[17]
Associated brands edit
- Kobalt tools[18]
- EGO
- allen+roth[18]
See also edit
References edit
- ^ Marvin Ralph Ellison: Chairman/President/CEO, Lowe's Companies Inc Bloomberg
- ^ a b c d e "Lowe's Companies Inc (LOW) Financial Summary". Retrieved May 8, 2023.
- ^ "Lowe's". Fortune. Retrieved 2016-08-07.
- ^ "Jobs at". www.theladders.com. Retrieved 2019-09-18.
- ^ "About Lowe's". Lowe's.
- ^ Howland, Daphne (November 20, 2018). "Lowe's closing Mexico operations". Retail Dive.
- ^ . Lowe's Canada. Archived from the original on 1 December 2007. Retrieved 6 June 2019.
- ^ "Lowe's says Canadian expansion 'on track'". CBC News. September 21, 2006.
- ^ a b "Lowe's taps ex-Loblaws exec Sylvain Prud'homme to head Canadian unit". Financial Post. Toronto. Retrieved 3 February 2016.
- ^ Carville, Olivia (11 May 2015). "Lowe's to buy 13 Target stores". Toronto Star.
- ^ "Lowe's offers $3.2B to take over Canadian rival Rona". CBC News. Retrieved 3 February 2016.
- ^ "40 Rona stores to take Lowe's name as part of shakeup in DIY retail". CBC News. Retrieved 6 April 2017.
- ^ Rogers, Jack (10 November 2022). "Lowe's Sells Canada Retail Business to Sycamore for $400M". Gloebest.com. Retrieved 22 December 2022.
- ^ a b van Praet, Nicolas (November 7, 2022). "Lowe's exit from Canadian market signals hardware-sector shakeup". The Globe and Mail. Retrieved November 8, 2022.
- ^ van Praet, Nicolas (3 November 2022). "Hardware giant Lowe's selling Canadian retail operations, including RONA, to private-equity firm". The Globe and Mail. Retrieved 4 November 2022.
- ^ Powell, Mark (February 6, 2023). "Lowe's Completes $400M Sale of Canada Retail Unit to Sycamore". MDM. Retrieved February 7, 2023.
- ^ "10 former Lowe's stores in southern Ontario convert to new RONA+ banner". Hardlines. Retrieved 2023-07-27.
- ^ a b Kass, Arielle (10 June 2012). "Private brands an edge for stores". Business. The Atlanta Journal-Constitution. Vol. 64, no. 162 (Final ed.). pp. D1, D5. Retrieved 2 January 2023 – via Newspapers.com.
External links edit
- Official website
- Business data for Lowe's:
- SEC filings
- Yahoo!