Lowe's to Close 51 Stores

Lowe’s closing underperforming stores

The Mooresville, North Carolina-based company said that most of the underperforming stores are expected to close by the end of January, said Maureen Wallace, Lowe's corporate communications & public relations manager.

The company announced it will close 20 US stores and 31 locations in Canada. The majority of affected stores are located within 10 miles of another Lowe's store.

The Lowe's in Mankato was on that list. In recent years, Lowe's has been cutting costs and working to boost profits at a time when home improvement retailers otherwise have been benefiting from the strong housing market.

Lowe's said affected US employees will have the opportunity to transfer to similar roles in nearby locations. The company said some Rona stores will also be closed in Canada early next year.

The company says most employees at those stores will be given a chance to go to other Lowes locations.

Shares of Lowe's Companies Inc closed higher for the fifth time in the past fourteen trading sessions in NY on Monday.

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Two New England stores, one in CT and one in MA, will close.

Lowe's Canada is closing 27 of its home improvement stores in Canada, mostly outlets obtained in its purchase of Rona in 2016, but Winnipeg will be left unscathed.

Lowe's is closing dozens of stores by February 1, 2019, president and CEO Marvin R. Ellison announced in a news release Monday.

Lowe's reported revenues of $68.6 billion in its previous fiscal year, while rival Home Depot reported more than $100 billion in sales in its last fiscal year, ending on January 28, 2018. The closings are expected to occur on or around January 3, Lowe's said in the WARN notice.

"In this transformation, we're going to focus on retail fundamentals first, and concurrently we're going to modernize this company from ... a digital and IT perspective and from a supply chain perspective, and we're going to create a truly great company", Ellison said.

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