Lowe's is closing 51 stores in the US, Canada

Jeannie Matthews
November 6, 2018

A home improvement giant in the U.S.is taking a hit.

Some U.S. stores will close immediately, though Lowe's did not immediately announce the locations.

An additional 31 stores are set to be shut in Canada and elsewhere. 1, 2019 and that employees at these stories will be given the opportunity to "transition to a similar role at a nearby Lowe's store".

Some of the USA stores will close immediately, Lowe's said. The company expects the closings will lower the annual earnings per share to 28 cents from 38 cents. Most employees will be allowed to transfer to a different store in some cases, it said. All 51 stores will be closed by February 1, the end of the company's fiscal year.

The move Monday came as Mooresville, N.C.,-based Lowe's struggles to compete with rival Home Depot.

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Lowe's, which purchased Rona a little over a year ago, is also closing Rona stores in Mississauga, Peterborough, Kingston and North York.

Lowe's purchased Canadian-based Rona's chain of 496 corporate and dealer-owned stores, as well as nine distribution centres, in 2016 for $3.2 billion.

"The person leading our stores team until recently had never worked in a store, never ran a store and never was an associate on the sales floor", Ellison said. He likes the company's "honed focus", as Lowe's cuts its losses and doubles down on improving its highest-potential stores.

Last week, for instance, Lowe's hired Seemantini Godbole, Target's senior vice president of digital and marketing technology, as its chief information officer.

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