June 27, 2013 / 12:43 PM / 4 years ago

CORRECTED-BRIEF-Rona announces restructuring and reorganization measures

1 Min Read

(Corrects headline, which previously said the company is cutting 200 jobs)

June 27 (Reuters) - June 27 (Reuters) - Rona Inc : * Announces recovery plan to accelerate network optimization and improve profitability * Announces new restructuring and reorganization measures to ramp up the recovery and improve profitability * New measures are expected to generate annualized cost-savings of $70 million * Plans include closure, by the end of 2013, of 11 non-profitable stores: eight in Ontario and three in British Columbia * Plans for a further reduction of 125 jobs in the four administrative centres in Canada were announced to employees last week * New measures will require pre-tax restructuring costs and charges of approximately $95 million to be recorded in Q2 2013 * A total of $220 million in adjustments, of which about $195 million represent non-cash items, will be recorded in Q2 * Source text for Eikon * Further company coverage (Reporting By Varun Aggarwal in Bangalore)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below