Lowe's announces closure of 51 United States and Canadian stores
06 November, 2018, 00:58 | Author: Corey Lynch
The store closures, all in the United States and Canada, are set to be completed by the end of January, Lowe's spokesman Steve Salazar said in an email.
Lowe's made the announcement Monday.
The company said the majority of impacted stores are located within 10 miles of another Lowe's store; 20 of them are in the US and 31 are in Canada. But some will be shut down immediately.
A list of impacted stores may be found on Lowe's newsroom.
Underperforming stores are the ones getting the axe, as the company plans to focus on its most profitable stores to improve the business overall. Company officials said the majority of the impacted stores are within 10 miles of another Lowe's store.
It did say the company will try to find jobs at nearby stores for employees affected by the closings. Some of those retailers like Toys "R" Us, Mattress Firm and Sears have filed for bankruptcy, and have already closed hundreds of locations stores.
The company cut its sales and profit outlook for the year.
Lowe's shook up its executive suite recently, hiring a new chief information officer from Target.
Based in Boucherville, Que., Lowe's Canadian business has more than 630 corporate and independent affiliate dealer stores. Other high-profile positions were eliminated and replaced with other roles that report to the CEO.
Ellison left J.C. Penney where he was also CEO in May to join Lowe's.
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