Lowe’s closing 51 ‘under-performing’ shops in U.S., Canada

Lowe’s closing underperforming stores

Lowe's plans to close 50 underperforming stores in the USA and Canada, but only one is in Texas.

Lowe's Companies Inc is closing 20 underperforming stores in the United States and 31 in Canada as part of a restructuring, the home improvement retailer said on Monday.

The company said most employees will be offered positions at stores within 10 miles of where they had worked.

According to the published list of closures, none of these stores were located in Kentucky or the Evansville, Indiana area.

The home improvement chain will shut down 20 locations in the USA and 31 in Canada. The company is also in the process of converting a Rona store on Lagimodiere Boulevard into a Lowe's.

Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year (Feb. 1, 2019).

Under Ellison a new CEO, the company has been working to improve profitability. Lowes says the stores are under-performing and that it is focusing on its most profitable operations.

Home building retail chain, Lowe's, is closing 27 of its Rona stores across the country in February, including three here in Northern Ontario.

Lowe's shares have gained 4.2% year-to-date but it has trailed its rival, Home Depot, in terms of revenue growth.

Ellison has already made some big strategic decisions, including closing all of its Orchard Supply Hardware stores and slashing inventory at its Lowe's stores. Analysts anticipate the new chief executive officer, Marvin Ellison, who took the reins in July, will make more organizational changes in the coming months.

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