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

Mae Love
November 5, 2018

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

The home improvement chain said Monday that locations are underperforming and the decision will help the hardware chain focus on its most profitable stores and "improve the overall health of its store portfolio".

Twenty stores in the United States and 31 in Canada will no longer be in service. None of the US stores to close are in the Carolinas, according to the list posted on Lowe's website. Lowe's said employees in the affected stores were notified of the closures Sunday evening. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store.

Close 31 Canadian stores and other locations.

The stores off Corunna Road in Flint Township and Court Street in Burton are among twenty underperforming locations across the USA being shut down.

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Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year (Feb. 1, 2019).

Lowe's says it expects to close the impacted stores by the end of the company's 2018 financial year, February 1, 2019.

"We believe our people are the foundation of our business and essential to our future growth", said CEO Marvin R. Ellison.

To catch up, Lowe's has been working to slash costs and boost profits in recent years. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20.

Most of the unprofitable stores are each within 10 miles of another one of its stores, Lowe's said.

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