Canadian retailer Rona will close 10 of its warehouse-sized stores by the end of the year, shifting its focus to the opening of 25 smaller-format units, the company announced on Feb. 24.
The new focus comes on the heels of a C$151 million loss posted for the company’s fourth quarter, which ended Dec. 25, 2011. This compares with a profit of C$20 million in the same period a year ago.
Net sales for the fourth quarter increased 2.6% to C$1.17 billion. Same-store sales were down 2.3% in the quarter.