Published: Mon, November 05, 2018
Money | By Ralph Mccoy

Lowe’s to close dozens of underperforming stores across the USA and Canada

Lowe’s to close dozens of underperforming stores across the USA and Canada

(NYSE: LOW) today announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

Lowe's stores in USA states including New York, Texas and California and Rona outlets in Ontario, British Columbia and other Canadian provinces are being shut, Lowe's said.

The closures include 27 mostly Rona stores in Canada including nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia.

Lowe's is closing 51 underperforming stores across the US and Canada.

Close 20 USA stores.

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"Everything will be done to ensure a smooth transition until the stores are closed, and Lowe's Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible", Prud'homme said in a statement.

"While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business", said Marvin R. Ellison, Lowe's president and CEO.

Lowe's made the announcement Monday.

The company will wind down operations at 20 US locations and 31 Canadian stores by the end of its 2018 fiscal year, which ends February 1, 2019.

Ellison has also initiated some major shakeups in the company's executive leadership ranks. The priority for Lowe's right now, he said, is improving basic "retail fundamentals".

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