Lowe’s closing underperforming stores

Lowe’s closing underperforming stores

Lowe's is closing 51 of its home improvement stores, including 30 in Canada, the company said Monday. You can check out the list here.

The chain also intends to close 20 stores in the United States.

Lowe's is closing more than 50 underperforming stores - including one in MA - by February of 2019.

Some of the USA stores will close immediately, Lowe's said.

Lowe's also expects to close nine stores in Ontario, six in Newfoundland, two in Labrador and one in British Columbia. As recently as August, Lowe's held a job fair for the store.

It's unclear how many total workers are affected.

The company says it will give associates opportunities to transition to other stores.

Lowe's, which has trailed Home Depot in sales for years, is in the midst of a turnaround under new Chief Executive Officer Marvin Ellison, who has promised to remove slow-selling products and end unsuccessful ventures. Lowe's reports financial results Wednesday, Nov. 16. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million.

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 says the closings are part of the company's strategic reassessment.



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