Lowe's to shut 51 underperforming stores in US, Canada

Daniel Fowler
November 5, 2018

In addition, two Missouri Lowe's - one in Bridgeton and one in Florissant - are slated to close.

"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.

The Mooresville, North Carolina-based company said most employees at the affected stores, which are located within 10 miles of one another, will have opportunities to "transition to a similar role" at a nearby Lowe's location.

Twenty stores in the United States and 31 in Canada will no longer be in service.

Store closing sales will occur at most of the affected locations, with exception of select stores in the US, which the company said will close immediately.

The list of other US stores closing include locations in Alabama, California, Connecticut, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, New York, Pennsylvania and Texas.

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Lowe's said is expects to close the impacted stores by the end of the company's 2018 fiscal year - February 1, 2019.

It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona. Its next earnings report is on November 20.

Ellison left J.C. Penney where he was also CEO in May to join Lowe's.

That includes, for instance, retooling inventory to ensure popular products are always in stock, and that Lowe's clears out unpopular products that gather dust on the shelves.

The company is already shuttering its Orchard Supply chain of 99 stores, leading to between US$390 million and US$475 million in write-downs.

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