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

A Rona store is seen Monday, November 5, 2018 in Laval, Que. THE CANADIAN PRESS/Ryan Remiorz

BOUCHERVILLE, Que. — RONA Inc. says it's eliminating 500 jobs across Canada in a bid to simplify its organizational structure.

The Boucherville, Que.-based home improvement retailer says in a press release Thursday evening that it needed to adapt to reflect new market realities amid a slowing economy.

The Canadian economy has been showing some signs of weakness amid higher interest rates as the central bank seeks to quell inflation.

However, GDP grew at an annualized rate of 3.1 per cent in the first quarter, beating expectations.

The Canadian consumer has proven resilient amid tightening conditions, with household spending helping to buoy the economy's growth in the first quarter.

In November, Lowe's announced it was selling its Canadian retail business, including RONA, to New York-based private equity firm Sycamore Partners.

RONA says it operates or services around 425 corporate and affiliated stores under different banners across the country. It says it has 22,000 employees.

The company says decisions like these are never taken lightly, and it will support affected employees throughout the transition.

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