16:54:30 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Rona Inc
Symbol RON
Shares Issued 113,596,360
Close 2015-01-15 C$ 12.59
Market Cap C$ 1,430,178,172
Recent Sedar Documents

Globe says Rona, rivals likely eyeing Target leases

2015-01-16 08:06 ET - In the News

Also In the News (C-CTC) Canadian Tire Corp Ltd
Also In the News (C-L) Loblaw Companies Ltd

The Globe and Mail reports in its Friday, Jan. 16, edition that Target's foray into Canada has ended in disaster. The Globe's Marina Strauss writes that Target is exiting Canada after having launched its first stores here nearly two years ago. In a botched strategy by overly confident executives, Target grappled with shoppers who complained of too-high prices and bare shelves. The retailer never ran an e-commerce site here and operated stores in former Zellers locations that often looked much like the ones of the faltering Canadian chain it replaced, notes Ms. Strauss. In a surprise move on Thursday, the Ontario Superior Court of Justice granted Target Canada protection from its creditors for an initial 30 days, giving the chain the okay to liquidate its 133 stores and let go 17,600 employees. The outlets are all expected to be closed within 16 to 20 weeks. Wal-Mart, Canadian Tire, Loblaw and Rona are among retailers that will probably consider buying some Target leases. Smaller retailers may take portions of Target's store space. Target made a fatal mistake in not realizing the power of Wal-Mart Canada and its low prices, says Tate Economic Research president Jamie Tate.

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