Lowe's to close underperforming stores in US, Canada

Lowe’s closing underperforming stores

Lowe’s closing underperforming stores

Home improvement retailer Lowe's announced Monday it will close underperforming stores in the USA and Canada as part of a reorganization.

It says most of the impacted stores will close by February 1, 2019.

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

Nine store closures are expected across Ontario, including one in Sudbury.

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"We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe's stores". None of the USA stores to close are in the Carolinas, according to the list posted on Lowe's website.

A list of impacted stores may be found on Lowe's newsroom.

It was just over a year ago that Lowe's bought fellow Canadian home improvement retailer Rona. Even in his first few months as the new CEO of Lowe's, Ellison has taken a number of steps to improve the company's financial health. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million. Lowe's also did away with a few high-profile positions, such as its chief operating officer and chief customer officer, and replaced them with other roles that report directly to Ellison.

In a release, the company said the locations are underperforming.

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